It looks like Europe will trash the U.S. stock market again today, with futures indicating a loss of about 190 points on the Dow at the open. All their markets are down substantially, with banks hammered the worst. (Banks are the largest holders of sovereign debt of European countries.)
If you feel anger toward the Europeans for doing this to us, just remember that we sent them into a terrible recession in 2008. Paybacks are hell!
Even if our elected children in Congress were NOT impotent and useless, our stock market will still suffer from the ills elsewhere in the world.
Globalization has many benefits, but this is not one of them.
The good news from Europe is that Merkel & Sarkozy ("Merkozy") proposed greater fiscal unification on Tuesday, reducing soverignty of each nation.
The bad news is that will take many, many years to accomplish . . .
