In studio, Dennis Kneale of CNBC broke in and said, "Let's get back to the real purpose of doing this, because we know the forecast is dark and continuing dark," and then went on to fish for one metric, any measurement, that suggested the economy was "turning the corner".
It usually gets wide coverage because Edward Leamer, the director of the forecast, isn't afraid to make a call.
One time we started to film outside because the forecast was good, only to be caught in a massive deluge.
Mr. Krueger said the forecast was updated because the projection that will be published in the president's annual budget, to be released on Monday, was already "stale and out of date".
"The forecast was continued pressure because of deteriorating customer confidence oil prices, the housing market, mortgage mess, stock market".
He fears that analysts' optimistic forecasts may themselves be a form of "money illusion", because the forecasts "are anchored by nominal sales growth projections extrapolated from recent historical trends"—ie, from a time of higher inflation.Those who do not believe in the "new economy" reckon instead that the equity premium will be much lower in future.
Despite the flooding outside the city, the Fargo area did much better than expected just weeks ago, when the forecasts were dire because of a too-sudden thaw that sent water rushing into the Red River.
I would like to see Jonathan Trott up his tempo because if the weather forecast is correct England will need to press ahead if they are to put New Zealand under any sort of pressure and go on to win the game.
