Why We Were So Wrong About 2005

Remember how 2005 was supposed to turn out?

At the turn of the year, a consensus of economists, prognosticators, market gurus and various experts without a portfolio -- I'm in one or the other of those categories, I think -- predicted that in 2005 the dollar would fall, long-term interest rates would rise, economic growth would slow and the bond market would tumble.

Halfway through 2005, how could we all have been so wrong? ...