Welcome to the doldrums

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What word to use to describe the releases this earnings season?  Wretched?  Appalling?  Thoroughly dispiriting?  An economic quagmire of leviathan proportions?

Bad.  The earnings news is bad.  When even Apple, which can't keep the new iPhone 3G on the shelves, is warning that it expects lean times ahead, you know things are pretty awful.

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Megan McArdle is a columnist at Bloomberg View and a former senior editor at The Atlantic. Her new book is The Up Side of Down.

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