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.READ MORE: Brookline schools closed Monday, Educators Union plans to strike
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.
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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.MORE NEWS: Grant Williams steps up with career game to lead Celtics to Game 7 win over Bucks
But unless the Europeans can do the same, look for Wall Street’s stomach-turning roller-coaster ride to continue.