BOSTON (CBS) – Thursday was yet another day of stock market free-fall, driven, the experts say, by grimly familiar bad news: consumer prices, up; unemployment, up; home sales, down sharply. And another major factor — an economic and political meltdown in Europe.
That makes our problems seem like a day at the beach by comparison.
Professor Jay Sultan of Bentley University is an expert on international finance. He says if you think crowd scenes like the endless lines at job fairs are a sign of tough times, consider the chaos in Greece, Italy, and other Euro-zone nations plagued by astronomical unemployment and debt.
WBZ-TV’s Jon Keller Is At Large
We’ve struggled to find political compromise in this country, but when you hear talk of a global recession, it’s triggered in large part by the epic European failure to find solutions.
Perhaps a vacation-refreshed President and Congress will return after Labor Day and find compromise.
But unless the Europeans can do the same, look for Wall Street’s stomach-turning roller-coaster ride to continue.