The U.S. likely will fall back into recession if scheduled spending cuts take effect and Bush-era tax cuts are allowed to expire this year, the Congressional Budget Office said. If the U.S. falls off this “fiscal cliff,” the economy will probably contract 1.3% in the first half of 2013, the CBO said. CNN Financial Times / Alphaville New York Times NPR Reuters USA Today Wall Street Journal Yahoo! Finance Is there an upside? Depends if you like disco. Styx’s Tommy Shaw: “Around ’75 when the recession hit, club owners started going to disco because it was cheaper…
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This piece really has no new information in it, so if you’re looking for that, you can stop reading here. Instead, it’s for Anglophiles. Observers of British culture. The BBC recently posted rather prominently a piece pondering the tragedy of the human condition wistfully, as it so often does. Well, that’s not quite what the article was about. Actually, it’s rather hard to tell what the article is about! BBC begins by saying that those guys on Wall Street use algorithms and financial models—and one model in particular, it tells us in the first paragraph—”helped to blow up…