“German economy shrank 5% in ‘09” was the lead story in the section “Europe News” which included “British manufacturing failed to grow for a second straight month in November”, ”Italian industrial rose by only 0.2% in November, less than expected, leading some economists to predict stagnation for the overall Italian economy last quarter.”
An article “U. S. bank chiefs admit missteps” included the following penetrating observation by California state treasurer Phil Angelides, who is chairman of the Financial Crisis Inquiry Commission: “Mr. Angelides noted Goldman [– Sach]’s practice of betting that the mortgage securities it sold to investors would drop in value. He accused the firm of ‘selling a used car with faulty brakes, and then buying an insurance policy’ on the driver.’”
WATCHDOG: More indication while flying home that European nations have yet to see signs of recoveryand also the disdain they have for how business is conducted in our country. (Come to think of it, we share their disdain.)
