Dow down 500 - Lehman Bros. declares bankruptcy
Posted: Mon Sep 15, 2008 3:09 pm
There's some serious shit going down in the US banking system.
It won't be a easy ride for Europe, it will however I *think* turn out slightly better.BRUSSELS, Sept 17 (Reuters) - Europe should not follow the United States in trying to pull out of its economic slowdown through a fiscal stimulus package, the chairman of euro zone finance ministers, Jean-Claude Juncker, said on Wednesday.
Juncker, who chairs monthly meetings of finance ministers from the 15 countries using the euro and the European Central Bank, said that only countries which had balanced their books had room to use fiscal measures against slower growth.
He said the effects of fiscal stimulus across the Atlantic could turn out less effective than the U.S. government had hoped.
'Don't imitate the U.S. ... don't change policy, don't give in to panic,' Juncker told a business meeting.
European governments should instead continue consolidating their finances, fight inflation and seek to boost potential growth rates with structural reforms, he said. Keywords: ECONOMY EUROZONE/FIS
The November elections in the US will certainly give the world a clearer indication to how the down turn will be resolved ...