Not for nothing do they call economics the dismal science. Consensus held that a plummeting dollar making U.S. exports more affordable and a drop-off in the price of oil would shrink the country's yawning trade deficit. Instead, it leapt to a record $60.3 billion in November, up from $56 billion a month earlier. How to explain the missed call? Moody's Investors Service labeled it "an atrocious month for U.S. exports," suggesting "ineffective business and government leadership may be to blame."
But U.S. Treasury Secretary John Snow found a handier...
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