William Katz:  Urgent Agenda

HOME      ABOUT      OUR ARCHIVE      CONTACT 

 

 

 

 

ITALY VOTES – AT 8:59 A.M. ET:  There has just been an election in Italy, which has one of the most important economies in the European Union.  The vote was inconclusive, leading to even more economic uncertainty in Europe.  Any uncertainty in an important economy impacts us here, where uncertainty seems to be our economic policy.  From WaPo:

LONDON — Highly inconclusive Italian election results rekindled fears of more debt troubles in Europe on Tuesday, slamming stock markets and sending fresh jitters through global commodity and bond markets.

Italian voters delivered a stinging rebuke to the nation’s political class and to the painful economic austerity measures meant to bring down the crushing debt in the euro zone’s third largest economy. With no one political force winning a clear path to a majority in both of Italy’s chambers, politicians in Rome began arduous talks to form a government, with most scenarios ultimately seeing the emergence of a weak coalition vulnerable to a quick fall.

The vote underscored the still-volatile nature of Europe’s debt crisis, with economists saying the chaotic political outlook in Italy was increasing the chance that deeper economic turmoil would once again take root.

“We believe the likelihood of Italy entering a financial assistance program has increased as a result of the electoral outcome,” Citibank’s London research arm said Tuesday in an investment note.

COMMENT:  And in our own country, after four years of Obama, we are still not out of the economic doldrums.  Joe Biden actually said a few days ago that Americans have stopped worrying about the economy.  Maybe they've simply given up.  There seems to be no economic morale.  Promising steps, like the development of shale oil reserves, are met with fierce opposition from ideological fanatics to whom Obama owes his political career.

And on MSNBC, that source of wisdom and brilliance, Chris Matthews openly pledged his political support to Hillary Clinton for 2016.  We truly are returning to the sixties. 

February 26, 2013