Word: forecasters
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What happened in the '80s was that Congress, impressed with Reagan's overwhelming popularity (and later Bush's), sheepishly followed the White House's lead on overall spending levels. If the resulting deficits were sometimes higher than those forecast in the two Presidents' own unbalanced budgets, it was because Reagan-Bush aides, such as former Budget Director David Stockman and current Director Richard Darman, consistently and deliberately overestimated federal revenues...
...more than $2 million worth of company stock. General counsel Howard Hoover and chief financial officer R. John Stanton Jr. dumped half of their holdings at about 27 a share. The trades attracted little attention or suspicion until Browning-Ferris surprised Wall Street with a gloomier-than-expected earnings forecast and its stock plunged 19%. While most shareholders got trashed, Stanton and Hoover avoided $468,000 in losses with their timely sales. Disclosure of the trades led to the resignation of both executives as well as an SEC investigation, which is ongoing...
Predicting the weather is, in the best of circumstances, a game of chance. Even with the most powerful supercomputers, forecasters will never be able to see ahead more than a couple of weeks with any accuracy. Climatologist Stephen Schneider of the National Center for Atmospheric Research compares the typical weather forecast to guessing what bumpers a pinball will hit after it has left the flipper. "What's happening now," he says, "is we're tilting the machine in several directions at once...
...goal is to keep as many teams as possible, but I can't forecast the future," Cleary says. "It's like a jigsaw puzzle out there: you have to try to fit the pieces in the puzzle to keep the programs. Because, after all, that's what we're in business for: the programs. It's for the kids...
...siecle had a different tone and temper. The new century seemed to be the new frontier, and predictions about what it would bring were rampant. Many were accurate, from airplanes to television to freeways to disposable bottles. There were some howlers as well, including the forecast that autos would make streets as quiet as country lanes, that there would be no trees left in America by 1920, and that by the end of the 20th century, blacks would constitute about two-thirds of the U.S. population...