Thank You, Europe
It's now official. Sell in May and go away was truer than ever this year. Absent what happens today, the S&P 500 is down more than 6% in May as investors have been pulling money out of stocks all month long. Europe's financial mess is undoubtedly spilling over in the U.S. causing mild panic among many investors here.
But the mess in Europe is likely going to be a very different animal than what we had here in 2008. It will be different not in severity per se, but very different in the ability to craft a solution. We have a central bank and a central government with a central monetary system. Europe has the EU but no central government, so adopting reform quickly and aggressively is very difficult....359 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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