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...administration at George Washington University, figures that in normal times, budget projections a couple of years out tend to be pretty reliable, at five years less so and at 10 years not much at all. "But these aren't normal times," he says. "In recessions, even the short-term numbers aren't very good, because a lot of the factors that go into them are based on assumptions that the economy will behave within some narrow band of reality, and the way it behaves is outside of that band." (Read "Advice from an Economist...

Author: /time Magazine | Title: Why Are Economists So Bad at Forecasting? | 7/17/2009 | See Source »

...White’s novel about King Arthur, The Once and Future King, into a musical. “You must be crazy,” Loewe replied, “That king was a cuckold.” (A “cuckhold” is a fogeyish term for an adulteress’s husband.) Arthur had lost his wife, Guenevere, to his best friend, Lancelot. “Who the hell cares about a cuckold?” Loewe asked...

Author: By Brian J. Bolduc | Title: One Brief, Shining Moment | 7/17/2009 | See Source »

MSNBC • anchors on distance themselves from Pat Buchanan's suggestion that Todd Palin drown Levi Johnston, and then later the same day other anchors on apologize for guest's blurt of the term blow...

Author: /time Magazine | Title: This Preposterous Week! Paul Slansky's News Index | 7/17/2009 | See Source »

...laws to regulate the industry will be written on Capitol Hill. Officials have also begun to worry aloud whether the Wall Street firms learned anything from the catastrophic financial crisis that was largely of their making or whether they are now returning to the old business of making short-term profits that create long-term risks...

Author: /time Magazine | Title: Goldman's Sudden Boom Could Be a Bust for Obama | 7/17/2009 | See Source »

...President has thus far resisted calls for a heavy government hand in limiting financial paydays, aside from certain limits on senior executives at firms that have not paid back some taxpayer funds and a number of proposals for regulators to develop new ways of better tying compensation to long-term risks. That leaves the White House vulnerable in the coming months. If Wall Street decides to cash in on its recent winnings despite the public rhetoric of the Administration, the contrast with the nation's still growing unemployment rate couldn't be starker. "It's just got to feel wrong...

Author: /time Magazine | Title: Goldman's Sudden Boom Could Be a Bust for Obama | 7/17/2009 | See Source »

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