European GDP Takes a NoseDive...
...and America is one of the ducks in the row.
Jeff Carter has it right. Read the whole piece.
Keynesian economics sounds good........but only on paper.
The multiplier effect of government spending is 0.
Europeans never learned that. They are full on Keynesians.
A one dollar check to one million private citizens will accomplish more than a one million dollar check to a CEO to "save" a failing company. The private citizen will buy bread whereas the CEO will take the money and run to the Cayman Islands.
Solar energy, GM, Chrysler, wind energy, mega-banks,..........on and on! But the idea of "bailouts" wasn't about the economy. It was all about politics.