We all know that there are many reasons to be pessimistic about the direction of housing prices, the number 1 reason being the lack of credit.

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Which is a reason, after all, not to be too pessimistic about America's cultural divisions.

ECONOMIST: The Versace controversy | The

Others may simply be more pessimistic about an eventual recovery.

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Some observers suggested the closer correlation may be because markets generally are not be as pessimistic about the European debt situation as previously, with any Greek default pushed farther into the future.

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If these two economists are right, both the Bank and the Treasuiry might need to be less pessimistic about the underlying state of the UK economy - and more optimistic - and urgent - in their efforts to help.

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If Sebald has a greater literary intensity, it may be because he is more deeply, more yearningly pessimistic about the difficulty of historical retrieval.

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An investor can say he is pessimistic about the short-term outlook for stocks, but not actually be selling any of his current holdings.

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