From the beginning, in March 1996, with the acquisition of Athena Neurosciences, Elan has been barking up the wrong tree.

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K. Narayanan said that Obama would be "barking up the wrong tree" if he were to subscribe to such views.

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"I tell them, 'You are barking up the wrong tree if you want someone to generate commissions for you, ' " he said.

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But if those advocating a euro breakup are barking up the wrong tree, so too are those arguing for the immediate creation of common euro-zone bonds and a banking union.

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And there was a lack of oversight from the regulator, the Financial Services Authority: it was "thoroughly inadequate... not so much the dog that did not bark, as a dog barking up the wrong tree".

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Nevertheless, this or any income-based cutoff for tax increases no matter how carefully chosen or how appropriate hikes of any kind may be sends up barking up the wrong tree when it comes to thinking about fiscal policy.

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