The economist John Kenneth Galbraith once said, “The only function of economic forecasting is to make astrology look respectable.” Still, we have to ask: was that the bottom we just hit?
From the New York Times:
The economist John Kenneth Galbraith once said, “The only function of economic forecasting is to make astrology look respectable.”
Still, we have to ask: was that the bottom we just hit?
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After months of punishing economic news, the gloom seemed to lift last week if only for a moment. The stock market shot up 12 percent in four days. Two of the nation’s biggest banks said they had returned to profitability. General Motors said it wouldn’t need another $2 billion in government help this month. And retail sales were better than expected.
Then again, perhaps that’s what passes for good news these days.
To read the full article, visit nytimes.com
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