Word: wrongfully
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...last year until a month or so ago, the interpretation of almost all economic information was negative because the data was unidirectional. That is changing. There are sign posts which point in two directions. It is likely that neither road sign is entirely right. In many cases both are wrong and making predictions about how the recession is going actually becomes more difficult and not less...
...Appenzell's 15,000 inhabitants, but it's no skin off his back. "Hiking in clothes is too constrictive," he says, adding that he has never had any negative reactions from the fully clothed hikers he meets on the trails. "I like to feel comfortable. There's nothing wrong with that, is there...
...view may make him an outlier. But there is no denying the fact that there has been almost no time spent in the Congressional conversation about what could happen to the budget if either the revenue or expense assumptions at the core of the Administration or CBO analyses are wrong by a substantial margin. The projections of GDP growth only have to be a percent or two too low for deficits to go up by hundreds of billions if not trillions of dollars over the next decade. Not a single page in the Administration or CBO documents describes how that...
...reasons, and probably the critical reason, that large banks have nearly failed is that the executives who ran them apparently never looked at their rapidly rising earnings and asked "what happens if the investments we are making now start to trade in the wrong direction?" "What happens if the assumptions that led us to make ludicrous amounts of money this year turn out to be wrong next year?" It turns out that there was no "Worst Case Scenario Handbook" for running big banks. It might have saved investors and the government a trillion dollars or more. (See pictures...
...White House now face a limited set of options, especially as they struggle to maintain the president's priorities, which include more spending for education, health care and energy reform. They can pare back the spending plans, propose further tax increases, or hope that the CBO got the projections wrong and the economy does not deteriorate any faster than already expected. "I think it's easy to exaggerate fluctuations in the deficit projections, which are driven by small changes in underlying assumptions," Orszag told reporters. "I also recognize that despite that, the CBO numbers are going to be the basis...