It’s official: Eurozone back in recession

posted at 10:31 am on November 15, 2012 by Ed Morrissey

If you feel down about the American economy, perhaps a look across the pond will have you counting your blessings.  Reuters reports that the Eurozone fell into an official recession last quarter, even though France and Germany had rebounded all the way back to a growth rate of, er … 0.2% (via OTB):

The debt crisis dragged the euro zone into its second recession since 2009 in the third quarter despite modest growth in Germany andFrance, data showed on Thursday.

The two leading economies both managed 0.2 percent growth in the July-to-September period.

But the resilience could not save the austerity-hit 17-nation bloc from overall contraction as the likes of The Netherlands, Spain, Italy and Austria shrank.

Economic output in the euro zone fell 0.1 percent in the quarter, following a 0.2-percent drop in the second quarter.

Those two quarters of contraction put the euro zone’s 9.4 trillion euro ($12 trillion) economy in recession, although Italy and Spain have been contracting for a year already and Greece is suffering an outright depression.

Of course, this isn’t good news, even comparatively speaking.  We depend on demand from Europe for our own economy, and a recession there — even a mild one — will have a negative impact on the American economy. There is never a convenient time for that, but we’re on the precipice of the fiscal cliff at the moment, and most of our solutions to that depend on being able to generate robust growth in the near future.

What’s most troubling is the slow growth of the two central national economies within the EU.  The resolutions on the table for the Eurozone debt crisis relies on Germany and France to supply enough support to allow nations like Greece, Spain, Portugal, and Italy to apply austerity measures to get their debt ratios under control.  That low GDP growth rate in the core doesn’t provide much confidence that Germany and France can remain committed to that kind of support for the long run, especially with France driving entrepreneurs away with its new Socialist tax policies.

At some point, the Germans and French citizens will tire of having their production dedicated to rescuing less disciplined neighbors on the Continent.  When that day comes, the Atlantic will not protect us from the shock waves — which is why it’s more urgent than ever for the US to get its own fiscal house in order.

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When that day comes, the Atlantic will not protect us from the shock waves — which is why it’s more urgent than ever for the US to get its own fiscal house in order.

That means entitlement reform and the rat-eared wonder made it clear that raising taxes on the rich is the only aspect of the Dems approach to fiscal “responsibility.” They’ve drawn a line in the sand about cutting anything and are not about to cross it.

Happy Nomad on November 15, 2012 at 10:35 AM

which is why it’s more urgent than ever for the US to get its own fiscal house in order.

Fortunately we just elected a president who’s going to halve our deficit!!!

Or something…

ButterflyDragon on November 15, 2012 at 10:35 AM

The recession hasn’t been over for anyone, including stateside.

LaughterJones on November 15, 2012 at 10:36 AM

Don’t wait for us we’re right behind you!

MarkT on November 15, 2012 at 10:38 AM

The certain results of socialism…

mnjg on November 15, 2012 at 10:38 AM

Double down Obama

Tax the rich!

cmsinaz on November 15, 2012 at 10:38 AM

The ” story ” from this administration on EU recession will be :
See , they made too many cuts so let’s just raise taxes and
don’t cut anything or we’ll follow Europe .

Lucano on November 15, 2012 at 10:39 AM

“Back”? Was it ever out of recession?

MelonCollie on November 15, 2012 at 10:40 AM

The leftonians always wanted us to be more like Europe, well here’s your chance you halfwits.

Bishop on November 15, 2012 at 10:40 AM

Maybey that 2012 mayan calendar thing wasn’t actually a load of BS?

Mord on November 15, 2012 at 10:41 AM

Maybey that 2012 mayan calendar thing wasn’t actually a load of BS?

Mord on November 15, 2012 at 10:41 AM

My sister told me they’ve found calendars that go past 2012, and apparently a few other points against that prediction have cropped up.

MelonCollie on November 15, 2012 at 10:42 AM

Europe in a permanent recession due to too much government control of the economy? Maybe Ayn Rand was on to something after all.

Mohonri on November 15, 2012 at 10:42 AM

It’s official: Eurozone back in recession

Are you implying that means the Eurozone actually came out of recession?

Will he or won’t he…

SWalker on November 15, 2012 at 10:43 AM

I love how they assume the austerity is to blame:

“the austerity-hit 17-nation bloc”

It’s the “we’ve run out of other people’s money” that is to blame – not the austerity.

Ronchris on November 15, 2012 at 10:44 AM

I visualize all those rich Frenchmen canceling their Paris-NYC flight tickets on November 7th.

Archivarix on November 15, 2012 at 10:45 AM

It’s the “we’ve run out of other people’s money” that is to blame – not the austerity.

Ronchris on November 15, 2012 at 10:44 AM

Dead on target. Blaming the austerity for fiscal problems is like blaming the enema for constipation.

Archivarix on November 15, 2012 at 10:46 AM

All the European multi-nationals that my job requires me to interact with have been revising their revenue and profit forecasts downward for about four months now, citing the expectation of this exactly. This one could even be as bad as the last one. And, yes, it’s because of socialism.

Europe’s knock-on effect on us, combined with what will surely be an Obama ramping up of his socialist policies in his second term, could tip us from economic stagnation, back to recession as well.

Even China’s feeling it.

The main bright spot in the US economy is shale play energy production. But Obama may even try to tank that as well. What a disaster this election was.

WhatSlushfund on November 15, 2012 at 10:50 AM

Liberalism at it’s finest.

Tater Salad on November 15, 2012 at 10:50 AM

Not to worry! Taxing the Rich and business solves everything! Cutting spending is evil and racist! Barry told us so!

/

FireFly on November 15, 2012 at 10:50 AM

We’re next, we’re next.
Before the election the FED was able to prop things up, and businesses decided to glide into 2013 hoping for a change in president. Now they know they have Obama and will be cutting back more than the government can grow to keep GDP increasing.

astonerii on November 15, 2012 at 10:52 AM

Dead on target. Blaming the austerity for fiscal problems is like blaming the enema for constipation.

Archivarix on November 15, 2012 at 10:46 AM

The problem for the Eurozone is they’re past the point where modest austerity measures can help. They would essentially have to cut most government spending at once to properly rebalance, and so much of their economy is propped up by government spending they may not be able to do this without a total collapse.

We may also be in the same boat. We almost certainly will be by 2016. We could be looking at a shrinkage of our economy by 40%-50%. The “let it burn” people will get their wish in all probability.

Doomberg on November 15, 2012 at 10:52 AM

Damn Europeans. If it wasn’t for them and Sandy, our economy would be booming right now.

/

Doughboy on November 15, 2012 at 10:52 AM

Green shoots! FoRwaRd! Tax the rich!
Green shoots! FoRwaRd! Tax the rich!
Green shoots! FoRwaRd! Tax the rich!
Roll up! The Magical Recovery Tour!
Roll up! The Magical Recovery Tour!
The Magical Recovery Tour is hoping to take you away,
Dying to take you away, take you today!

Glenn Jericho on November 15, 2012 at 10:53 AM

But remember we need to moderate our tone about Democrats winning by promising people free stuff.

gwelf on November 15, 2012 at 10:53 AM

We may also be in the same boat. We almost certainly will be by 2016. We could be looking at a shrinkage of our economy by 40%-50%. The “let it burn” people will get their wish in all probability.

Doomberg on November 15, 2012 at 10:52 AM

When fully 40% of the economy is government there is no way the economy can shrink that much in 4 years. You might lose that much in the stock market, but GDP can shrink probably south of 15% at most in 4 years. That is so long as the FED keeps inflation under control, the fed will never allow deflation to occur.

astonerii on November 15, 2012 at 10:54 AM

All the European multi-nationals that my job requires me to interact with have been revising their revenue and profit forecasts downward for about four months now, citing the expectation of this exactly. This one could even be as bad as the last one. And, yes, it’s because of socialism.

Europe’s knock-on effect on us, combined with what will surely be an Obama ramping up of his socialist policies in his second term, could tip us from economic stagnation, back to recession as well.

Even China’s feeling it.

The main bright spot in the US economy is shale play energy production. But Obama may even try to tank that as well. What a disaster this election was.

WhatSlushfund on November 15, 2012 at 10:50 AM

I work for a company that deals with some companies that trade in Europe. Late payments in multiple trade sectors across almost all of Southern Europe are skyrocketing and having a real impact on even large US firms. Wait until the contagion spreads into France/Germany/UK.

Doomberg on November 15, 2012 at 10:54 AM

The problem for the Eurozone is they’re past the point where modest austerity measures can help. They would essentially have to cut most government spending at once to properly rebalance, and so much of their economy is propped up by government spending they may not be able to do this without a total collapse.

We may also be in the same boat. We almost certainly will be by 2016. We could be looking at a shrinkage of our economy by 40%-50%. The “let it burn” people will get their wish in all probability.

Doomberg on November 15, 2012 at 10:52 AM

Thus begins the debate about who has the worst political class – America or Europe? Of course it ultimately boils down the the citizens themselves.

Reality will assert itself at some point – if the European economy is truly being propped up by government spending then it is only a matter of time before it collapses. It’s better to get to the rebuilding sooner than later (to make the hole you’re digging for yourself smaller and begin the climbing out sooner) but this option is politically unacceptable on both sides of the pond.

gwelf on November 15, 2012 at 10:56 AM

Only a matter of time before the past repeats itself and countries go back to good o’l fashion war and this time the US will be in no position to do anything about it.

FireFly on November 15, 2012 at 10:58 AM

When fully 40% of the economy is government there is no way the economy can shrink that much in 4 years. You might lose that much in the stock market, but GDP can shrink probably south of 15% at most in 4 years. That is so long as the FED keeps inflation under control, the fed will never allow deflation to occur.

astonerii on November 15, 2012 at 10:54 AM

There is a ripple effect. If a bank crashed locking (or stealing) your business account with it, chances are your business will promptly do the same, soon to be followed by your favorite retailers, your mortgage lender, and – somewhat later – your utility companies.

Archivarix on November 15, 2012 at 10:59 AM

Only a matter of time before the past repeats itself and countries go back to good o’l fashion war and this time the US will be in no position to do anything about it.

FireFly on November 15, 2012 at 10:58 AM

Hey – you’re on to something here. This is way better than an alien invasion. This is the way to a robust recover!

/Paul Krugman

gwelf on November 15, 2012 at 10:59 AM

which is why it’s more urgent than ever for the US to get its own fiscal house in order.

Ok, Ed not to be snarky but Plan A was to elect Romney and Ryan to implement some fiscal fixes. What’s plan B with Obama and Reid to fix the economy with just the House in our hands?

Plan B to me looks like we have such a bad 4 years that the public wakes up and stops electing democrats on free birth control pills but I am not holding my breath.

Conan on November 15, 2012 at 11:00 AM

Thus begins the debate about who has the worst political class – America or Europe?

gwelf on November 15, 2012 at 10:56 AM

My take is that European pols are far more stupid and ours are far more corrupt. Which one is worse?

Archivarix on November 15, 2012 at 11:01 AM

gwelf on November 15, 2012 at 10:59 AM

The Alien invasion plan is staring to look more likely than waking up the morons in this country who just don’t get that the misery around them is from Obama.

Conan on November 15, 2012 at 11:01 AM

and this time the US will be in no position to do anything about it.

FireFly on November 15, 2012 at 10:58 AM

That’s probably a good thing. With our leadership being what it is, I’m not sure Obama would pick the right side.

Weight of Glory on November 15, 2012 at 11:02 AM

This, by the way, is why I supported SMOD. Just sayin…

Weight of Glory on November 15, 2012 at 11:05 AM

astonerii on November 15, 2012 at 10:52 AM

The population is going to find out we all didn’t want to go into full bomb shelter mode till we were sure Romney wasn’t President. Business and people are starting to react now and the full 48% who voted for Romney are going to protect themselves economically and that will become a reality for the 50.4% who think they just voted for brighter days.

Just a side note. What is the consumer confidence on the 48% who voted for Romney here at Christmas? Can you say self-fulfilling prophesy?

Conan on November 15, 2012 at 11:05 AM

There is a ripple effect. If a bank crashed locking (or stealing) your business account with it, chances are your business will promptly do the same, soon to be followed by your favorite retailers, your mortgage lender, and – somewhat later – your utility companies.

Archivarix on November 15, 2012 at 10:59 AM

The government spends 40% of the money (federal, state and local).
That means 60% is what is left to degrade from. The government will increase spending, until the fed collapses from hyper inflation. There IS NO CHANCE in 4 years, barring the FED going down, of the economy going from creating 16 trillion dollars a year to only creating south of 10 trillion a year when the government right now accounts for 6.4 trillion a year.

astonerii on November 15, 2012 at 11:06 AM

The Alien invasion plan is staring to look more likely than waking up the morons in this country who just don’t get that the misery around them is from Obama.

Conan on November 15, 2012 at 11:01 AM

Perhaps that’s what Paul Krugman meant by saying the country needs an alien invasion. Blinded by our partisan hatred and multiple earlier examples of his mind-blowing stupidity, we failed to appreciate his sagacious insight.

Archivarix on November 15, 2012 at 11:06 AM

The problem for the Eurozone is they’re past the point where modest austerity measures can help. They would essentially have to cut most government spending at once to properly rebalance, and so much of their economy is propped up by government spending they may not be able to do this without a total collapse.

We may also be in the same boat. We almost certainly will be by 2016. We could be looking at a shrinkage of our economy by 40%-50%. The “let it burn” people will get their wish in all probability.

Doomberg on November 15, 2012 at 10:52 AM

They and we are headed for total collapse no matter what they do. The socialists pulled the pin on that bomb and have struggled to keep it contained, but they can’t.

dogsoldier on November 15, 2012 at 11:07 AM

Just a side note. What is the consumer confidence on the 48% who voted for Romney here at Christmas? Can you say self-fulfilling prophesy?

Conan on November 15, 2012 at 11:05 AM

I dunno about you, but I am converting my variable interest rate credit card debt into fixed rate, and then paying that down as slowly as I can. I fully expect a high rate of inflation soon. It is the second way that tyranny self funds.

astonerii on November 15, 2012 at 11:08 AM

OT

Bill Whittle: Where we go from here

Long, but absolutely worth watching through to the end.

sublibertate on November 15, 2012 at 11:08 AM

Don’t kid yourselves.
This is good news for the Obamunist.

We compete with Europe. Period.
We compete less with the Ahole azzclown Hussein in the WH for sure.
But… we still compete with Europe.

The worse they do, the better it is for the USSA.
This is good news for our economy- eff the currency manipulators.

Global Economy..sure..
At the end of the day,…..It still is about who sells/buys the most stuff.

FlaMurph on November 15, 2012 at 11:08 AM

We could have been a safe haven for investors had Romney been elected.

I thought before the election that if Europe soured and the USA reformed we would see a flood of investments dollars just by our outlook.

So much for that the birth control, abortion loving, food stamp single moms killed that potential prosperity jump.

Conan on November 15, 2012 at 11:09 AM

The government spends 40% of the money (federal, state and local).
That means 60% is what is left to degrade from. The government will increase spending, until the fed collapses from hyper inflation. There IS NO CHANCE in 4 years, barring the FED going down, of the economy going from creating 16 trillion dollars a year to only creating south of 10 trillion a year when the government right now accounts for 6.4 trillion a year.

astonerii on November 15, 2012 at 11:06 AM

For the government to spend the 40%, it is kinda necessary that the government were in possession of those 40%. The terms “fiscal cliff” and “default” refer to a situation when it doesn’t. As long as it does we’ll keep pedaling in the air, except the size of oncoming rear-penetration missile is growing by the day.

Archivarix on November 15, 2012 at 11:10 AM

Long, but absolutely worth watching through to the end.

sublibertate on November 15, 2012 at 11:08 AM

First 20 minutes is retarded, middle 20 minutes is pretty good, the last part is not worth watching. All in all, the gist of the episode is to whine that we should not whine, followed by, we need to recreate the government through private endeavors, the final part is arguing that the government controls our lives, and do not break the law, for which, if he was honest, every last person in the nation breaks the law 5 times before they wake up in the morning.

astonerii on November 15, 2012 at 11:10 AM

Plan B to me looks like we have such a bad 4 years that the public wakes up and stops electing democrats on free birth control pills but I am not holding my breath.

Conan on November 15, 2012 at 11:00 AM

Plan B, for me is simple.

First, insist that the rat-eared wonder and the Dems come up with something that can be debated. No matter what the GOP puts out there is demonized as hurting the middle class and comes with yet another call to go out after anybody making over $200K. Let’s have the left make the first proposal.

Secondly, be willing to go over the fiscal cliff if these commies insist that raising taxes on the makers to pay for more free stuff for the moochers. If we do, the GOP can make huge gains in 2014 without pandering for votes among gays, Hispanics, women, or any other combination of species/breed/gender that the left has decided the GOP must “reach out to” with free stuff if they plan on being around by 2016.

Happy Nomad on November 15, 2012 at 11:11 AM

Hmmmmmmmmm…

So taxing the ‘rich’ will get us approx 514 billion a year eh?

And what good or bad will that do? (Think carefully about this)…

Compare that miniscule amount to the national debt of 16 trillion.

Math. It’s. Hard.

In 2010, the United States accumulated over $3.5 billion in new debt each and every day. That’s more than $2 million per minute.

Prove it, you say…

According to the Congressional Budget Office, our total federal deficit for 2010 was approximately $1.3 trillion. That means that every day, the government will accumulate an average of $3,561,643,835.62 in additional debt. [$1.38 trillion / 365 = (approx. $3.56 billion per day).

Accordingly, nearly $150 million of debt is being accumulated every hour. [$3,561,643,835.62 / (24 hours) = $148,401,826.48] And every minute, the U.S. government accumulates approximately $2.5 million in additional debt. [$148,401,826.48/ (60 minutes) = $2,473,363.77] That’s $43,759.51 a second. [$2,473,363.77 / (60 seconds) = $41,222.72

We are now in 2012 and the debt has INCREASED!!

Our national debt is more than $16 trillion.

That is how much the United States has borrowed, and how much we have to pay interest on. To put $16 trillion in perspective, our national debt is larger than the total economies of China, the United Kingdom, and Australia combined.

So, resident liberals, pray tell just HOW approx 514 billion affects the national debt? Anyone? Huh….?

Scrumpy on November 15, 2012 at 11:11 AM

For the government to spend the 40%, it is kinda necessary that the government were in possession of those 40%. The terms “fiscal cliff” and “default” refer to a situation when it doesn’t. As long as it does we’ll keep pedaling in the air, except the size of oncoming rear-penetration missile is growing by the day.

Archivarix on November 15, 2012 at 11:10 AM

The government owns the money, the printing presses, and the electronic versions of the same. The government has as much money as it wants.

astonerii on November 15, 2012 at 11:11 AM

OT

Bill Whittle: Where we go from here

Long, but absolutely worth watching through to the end.

sublibertate on November 15, 2012 at 11:08 AM

.
THIS GUY…… Mr. Afterburner !

Don’t know Bill Whittle’s whole story- but he is what is needed as a voice for the Reps. I think he could have helped Romney big time.
The Ferhnstrom approach wasn’t effective enough in the end.

Bill Whittle is so devastatingly commonsensical and to the point- with arguments based on understandable research- he would gain mass appeal.

There’s a reason he has received more popularity or attention. What is it ?
I would PAY CASH to see him sit down with Joe and Mika—— or any other of these So Called Unbiased Reporter Grifter Enemy

FlaMurph on November 15, 2012 at 11:20 AM

Current: 11/13/2012

Debt Held by the Public: 11,422,499,324,967.05

Intragovernmental Holdings: 4,825,793,716,036.45

Total Public Debt Outstanding: 16,248,293,041,003.50

Interest Expense Fiscal Year For 2012: $359,796,008,919.49

Math. Is. Hard.

Scrumpy on November 15, 2012 at 11:20 AM

Oops forgot the linky:

http://treasurydirect.gov/govt/reports/ir/ir_expense.htm

Scrumpy on November 15, 2012 at 11:21 AM

Get ready for the One World Economy and One World Currency.

plutorocks on November 15, 2012 at 11:21 AM

I guess we’ll just have to bail out those TBTF countries next.

dom89031 on November 15, 2012 at 11:21 AM

I’m sure there are a lot of lefties out there who think that the European model is the way to go.

GarandFan on November 15, 2012 at 11:23 AM

The government owns the money, the printing presses, and the electronic versions of the same. The government has as much money as it wants.

astonerii on November 15, 2012 at 11:11 AM

That much is true. However, it must be noted that using the printing press essentially amounts to taxation on capital, which in turn leads to its decreasing productivity, forcing the government to continuously increase the fraction of the GDP it owns. As practice has shown every time such chain of events unfolded, it led to eventual failure of the government to keep its population supplied with necessities (because of failing productivity at home and inability to export due to devaluation of national currency), which was inevitably followed by a more-or-less violent replacement of the government – usually, with a worse one.

Archivarix on November 15, 2012 at 11:23 AM

The failure of the “European Project” looks more likely day by day but the elites, including an enormous swathe of powerful unelected and unaccountable bureaucrats that even the US cannot match, are not going to call time until they have totally top-decked it.

Then they’ll blame capitalism or imperialism, regroup, and try the same darn thing again in a decade.

CorporatePiggy on November 15, 2012 at 11:25 AM

Yeah, 514 billion may pay for the Interest payments alone, and then what? Who ya gonna tax next eh?

Yeah… thought as much…

Scrumpy on November 15, 2012 at 11:25 AM

Get ready for the One World Economy and One World Currency.

plutorocks on November 15, 2012 at 11:21 AM

Yes, but what if One World Economy will also be Keynesian?

Archivarix on November 15, 2012 at 11:25 AM

Don’t kid yourselves.
This is good news for the Obamunist.

We compete with Europe. Period.
We compete less with the Ahole azzclown Hussein in the WH for sure.
But… we still compete with Europe.

The worse they do, the better it is for the USSA.
This is good news for our economy- eff the currency manipulators.

Global Economy..sure..
At the end of the day,…..It still is about who sells/buys the most stuff.

FlaMurph on November 15, 2012 at 11:08 AM

I wouldn’t have put it quite that way, but yeah. Capital and investment needs to go somewhere, even in limited amounts. With Europe (and S. America) struggling due to advanced Progressivism the USA is still a better option at this point.

visions on November 15, 2012 at 11:25 AM

I dunno about you, but I am converting my variable interest rate credit card debt into fixed rate, and then paying that down as slowly as I can.
astonerii on November 15, 2012 at 11:08 AM

.
Who knew that carrying debt would be the less riskier path to take.

I feel deflated, and Greek.

FlaMurph on November 15, 2012 at 11:26 AM

Shocka to the max on steroids.

Ohlawnd was the final straw, his administration is everything anyone with to brain cells to rub together knew it would be, unmitigated disaster, just like Obama’s will be, two peas in a pod.

Most liberals aren’t evil, but the liberal-ism that infects them and harms all of us, that is evil.

Speakup on November 15, 2012 at 11:27 AM

Yes, but what if One World Economy will also be Keynesian?

Archivarix on November 15, 2012 at 11:25 AM

That’s there game plan.

plutorocks on November 15, 2012 at 11:35 AM

when the government right now accounts for 6.4 trillion a year.

astonerii on November 15, 2012 at 11:06 AM

Government is overhead. They only have what has been taxed or borrowed on the public’s credit. Mishandle that and inflation or deflation comes. Right now they are hiding inflation but that only works so long. Carter is likely to be a cakewalk in the end. That was 22% annually. They said less (18%) but I was there and know better. One example is that I had leased an expensive piece of equipment on a fixed rate just before inflation really kicked in. By the time the lease was up and we paid it out the lender had effectively paid me to take their money.

BullShooterAsInElk on November 15, 2012 at 11:39 AM

And we are following shortly…I still can’t believe half the country of retarded citizens elected this walking failure of a president…

jimver on November 15, 2012 at 11:59 AM

When fully 40% of the economy is government there is no way the economy can shrink that much in 4 years. You might lose that much in the stock market, but GDP can shrink probably south of 15% at most in 4 years. That is so long as the FED keeps inflation under control, the fed will never allow deflation to occur.

astonerii on November 15, 2012 at 10:54 AM

I remember in the last week or so being “schooled” by s0bo7 (or something like that) on how pathetic my stock market arguments were. My observations included the Oct 2008 drop in the Dow as it was becoming more likely that bho was going to win. This year, the market was stable (not so volatile) leading up to the election because everyone was saying how it was going to be so close. Since bho won last Tuesday, the market is “correcting” itself.
I’m sure the fiscal cliff is part of the response, but I place that on bho’s shoulders. He inherited that crap from the previous administration.

I’m not looking forward to working into my eighties because of these evil idiots. I didn’t think it possible, but my loathing grows.

freedomfirst on November 15, 2012 at 12:03 PM

Maybey that 2012 mayan calendar thing wasn’t actually a load of BS?

Mord on November 15, 2012 at 10:41 AM

Kinda debunked…

jimver on November 15, 2012 at 12:06 PM

IT’S OBAMA’S FAULT.

My “any bad news” mantra for the next four years.

dddave on November 15, 2012 at 12:07 PM

Eurozone is the new Bush. Recovery is Hard!

tomg51 on November 15, 2012 at 12:11 PM

Since they are back in a recession, I am not sure how the new EU policy of hiring more women in the board rooms is going to go over.

The European Commission proposed a quota system for more women on large EU firms’ boards, a measure several members and even women find objectionable.

BRUSSELS — Companies listed in EU countries could be forced to have more women on their boards,with a target of 40 percent by 2020, under rules proposed by the European Commission Wednesday.

But states are divided on whether positive discrimination or pan-European rules are necessary, and some such as Britain have said they would oppose a legally binding target.

The rules would apply to the non-executive boards of publicly traded companies with more than 250 staff members, where the commission estimates women account for fewer than 15 percent of positions.

“Priority shall be given to the candidate of the under-represented sex if that candidate is equally qualified as the candidate of the other sex,” a commission statement said.

What is it with the EU and trying to get some ‘perfect’ mix of male and females. They try and control everythig…

Patriot Vet on November 15, 2012 at 12:11 PM

The two leading economies both managed 0.2 percent growth in the July-to-September period.

But the resilience could not save the austerity-hit 17-nation bloc from overall contraction as the likes of The Netherlands, Spain, Italy and Austria shrank.

……..0.2 percent is “resilient” ?????
Wow…talk about the bar being set low.

…and the depressing aspect of this is that millions of Americans just voted for this while claiming how dam# smart they are.

You just can’t fix stupid.

Baxter Greene on November 15, 2012 at 12:50 PM

In the Netherlands the party of the “right” (VVD) has now formed a government with the Labour Party (PvdA). In their wisdom they have decided that incomes need to be levelled out –> yeah, taxing the “rich” (read: anybody who is not on welfare).

Austerity measures consist of raising the VAT by 2%, raising assorted other taxes, and reducing the amount of tax money that is spent on the natives: the old, the infirm, etc.

Meanwhile they keep on shoveling bucketloads of money across the border. Wouldn’t want the Greeks or the Syrian refugees or the Brussels Maffia to suffer, now would we?

Our economy shrank unexpectedly…

Antivenin on November 15, 2012 at 1:10 PM

All I am saying is that the government will not allow a 40% to 50% reduction in GDP over the next 4 years. I do not see the next 4 years being beneficial for our productivity, and actual physical productivity will likely grow at best anemically and at worst drop 10 to 15%. I know catastrophe sells, but I am trying to look at the reality of what can and likely will happen.

I should have invested in gold when my mom told me to!

astonerii on November 15, 2012 at 1:38 PM

Are these ppl for real??!! If it weren’t for the stimulus, if it weren’t for President Obama, our GDP growth would be negative, and our unemployment rates would have skyrocketed. Austerity doesn’t work when you’re recovering from a recession. You do austerity when the economy is strong and fully recovered. If the right-wing knuckleheads in the congress got their way in 2011, our economy would have been back into a recession by now. The funny thing is you guys are the first people who are complaining about the sequestration, saying it kills jobs and our economy will suffer! So which one is it?

Salahuddin on November 15, 2012 at 1:46 PM

Are these ppl for real??!! If it weren’t for the stimulus, if it weren’t for President Obama, our GDP growth would be negative, and our unemployment rates would have skyrocketed. Austerity doesn’t work when you’re recovering from a recession. You do austerity when the economy is strong and fully recovered. If the right-wing knuckleheads in the congress got their way in 2011, our economy would have been back into a recession by now. The funny thing is you guys are the first people who are complaining about the sequestration, saying it kills jobs and our economy will suffer! So which one is it?

Salahuddin on November 15, 2012 at 1:46 PM

You do not even remotely understand the words you use, let alone the economic impact of the policies Obama has implemented.

Stimulus is stimuless. While it may have helped, if done right, temporarily, Obama used it to pay off his cronies and thus it did almost nothing to promote growth. Thus it did very little to stimulate anything, in fact the only items that it certainly did stimulate were states reallocating stimuless money to projects they were paying for initially to cut their budget deficits and companies were stimulated to go into cash accumulation mode as they know the policy was going to damage their future earnings in both sales, inflation and increased taxes. That there is always the problem, that money was not wealth sidelined, it comes out of the future’s productivity in the form of inflation and higher taxes. Thus, why even done right it only works temporarily.

astonerii on November 15, 2012 at 2:03 PM

Stimulus is stimuless. While it may have helped, if done right, temporarily, Obama used it to pay off his cronies and thus it did almost nothing to promote growth.
astonerii on November 15, 2012 at 2:03 PM

First of all the stimulus helped the states to avoid massive lay offs of Police, Firefighters and Teachers. Secondly you do know that 2/3 of the stimulus were tax cuts, right? so you’re saying tax cuts do not stimulate the economy? Glad we’ve cleared that up.
I agree the only problem with the stimulus was it went mostly to tax cuts instead of projects like roads, bridges and railroads.

Salahuddin on November 15, 2012 at 2:28 PM

What is it with the EU and trying to get some ‘perfect’ mix of male and females. They try and control everythig…

Patriot Vet on November 15, 2012 at 12:11 PM

You probably have not heard of the new “Disparate Impact” regulations coming down through Holder. The idea is that you no longer can employ who you want. You are a cog, a drone, a pleb in the great Social/Redistributive Machine. It you don’t employ enough blacks/Minorities then you will be punished or shutdown. Every advancement decision will have consequences, every other unpromoted person in your company (except Whites) will have the ability to sue you for “Disparate Impact”. You Company is not yours, cuz “You didn’t build that”.

L.I.B.

Bulletchaser on November 15, 2012 at 2:37 PM

First of all the stimulus helped the states to avoid massive lay offs of Police, Firefighters and Teachers. Secondly you do know that 2/3 of the stimulus were tax cuts, right? so you’re saying tax cuts do not stimulate the economy? Glad we’ve cleared that up.
I agree the only problem with the stimulus was it went mostly to tax cuts instead of projects like roads, bridges and railroads.

Salahuddin on November 15, 2012 at 2:28 PM

Name the wealth that state government produce please.

All of those programs are over staffed and even more so over paid.

Police, firefighters and Teachers.

The police have enumerable numbers of desk jobs that are way over paid, comparable to street cops who risk their lives… Time to cut back.

The firefighters while nice at the current levels are more than is needed.

The teachers, there are now more non teaching teachers on payroll and their pay higher than there are actual teaching teachers. Plenty of fat there to get rid of.

Yeah, tax cuts were not the major aspect. Payouts to states and individuals was. The road, bridges and so forth amounted to something less than 5% of all stimuless spending. Spelling is as I intend it. LESS.

If you pay people to not work, they will not work. It is as simple as that. If they have to, they can sell oranges on street corners, illegal aliens seem to do just fine doing that. In fact, the welfare state is the whole reason there are any jobs Americans will not take.

astonerii on November 15, 2012 at 2:47 PM

Keynesians lurking!

Your claims are not fact. Stimulus was/is a way to shovel taxpayer money into a black hole.

freedomfirst on November 15, 2012 at 3:04 PM

Maybey that 2012 mayan calendar thing wasn’t actually a load of BS?

Mord on November 15, 2012 at 10:41 AM

I think their dates were off by a couple of weeks. The actual End of the World was November 6, 2012. /sarc

hachiban on November 15, 2012 at 3:58 PM

If we were doing better, I think the EU would be as well. As it is, we’re probably only a quarter (of reporting) behind them.

COgirl on November 15, 2012 at 5:11 PM

And we are following shortly…I still can’t believe half the country of retarded citizens elected this walking failure of a president…

jimver on November 15, 2012 at 11:59 AM

Not much different than the majority of the voters in these European countries and, I fear, the same results for us.

To paraphrase Marshal Petain on the fall of France in 1940, “This is the result of 20 years of Marxism.”

Dr. ZhivBlago on November 15, 2012 at 6:48 PM