Walter Russell Mead :

  “Here’s some more bad news for the economy: analysts are predicting that corporate profits may fall this quarter for the first time in three years. This comes as a bit of a surprise. Business hasn’t quite been booming, but most of the economic news over the past few weeks has been good—or has at least shown some movement in a positive direction. But as the New York Times reports, the slowdown in Asia combined with the return to recession in Europe has cut demand for new goods, and fewer businesses are expecting things to get better: “