Is there something to envy Europe for?

[mahnmut]

In the financial sector I mean.

I think the one thing to be jealous about is the fact that after the crisis, Europe actually started to address the issues of:

1. Market deregulation, particularly risky finances, and the troubles that come with it.
2. Transparency and accountability in the financial sector.
3. Protection mechanisms against balloons and busts.
4. Ridiculous bonuses for bankers who've run whole economies into the gutter.

For a time it looked like Obama would keep his promise to address these issues. But that was only until the, maybe 10th day of his presidency. Then we saw who were the guys he chose to surround himself with. And all hope was lost for a change.

And change didn't come.

The US economy may still be more versatile but the lack of political will to address its flaws means that the framework is now tilted in favor of other regions, and the US financial dominance may be pushed away sooner than most of us are expecting.

As for Europe, it may still have to heal itself from the ditch it was put into (yes, including wounds like Greece, Ireland and Portugal), granted. But there are some good signs there that I'm not seeing at the other side of the pond.

Comments

[kardashev.livejournal.com]

Oddly enough, the wife and I just finished watching Inside Job.

C'mon dude, did you really think Obama was going to be less corrupt than the guys who prceded him even if only for a second? The only prayer us Americans have to end Wall Street corruption is to stop voting Democrat and Republican. Doing the same thing over and over and expecting to eventually get a better outcome...you know what that's called, right?

[sealwhiskers.livejournal.com]

I don't think people in general, who don't live in the US (and many who do live here) are aware just how owned this country is by corporate money. I honestly think there is a very big and real limitation to what a president of any party could do here. The system is already undermined.