Europe next to go

[Dr. Phil]

Have you ever read a newspaper Dr. Phil?

Europe is streets ahead of us (US) in terms of regulation and eons behind in terms of greed.  Unless you count Russia as part of Europe?  The finance industry in Europe is WAY more regulated than it has ever been in the US.  Enron could never have happened in Europe etc. etc.  The European crisis is simply fallout as a result of the collapses in the States.  It is driven by lack of confidence and the death of interbank lending, all conequences of Lehmans, Fannie and Freddie etc.  Without liquidity, the whole industry collapses like a pack of cards.  Of course this is not helped by those who start runs on banks (cutting off their nose to spite their face).

As someone who believes in regulation and control, especially where livelihoods and pension funds are concerned, if as you say Europe is so far ahead of USA in terms of regulation and control, how are we in an even deeper mess than USA?

You see as far as I am concerned, employment (jobs, training etc) has strategic (not simply economic or corporate) importance therefore the damaging progress of globalisation (migration of industries, jobs, de-regulation, open borders) must be rolled back.
Whilst we can not prevent the free movement of capital we can reinstate border controls and protect our markets from goods and services which are inferior quality or can not/are not manufactured in country). This may appear drastic, but the pendulum swings both ways in a measured manner.

I do consider Russia part of Europe. 

[And PS]

It's McCAIN.

Europe ids absolutely not in a deeper mess.  It's just dealing with it differently.  The finance industry in Europe (the UK in particular) is fantastically well regulated.  Most of it is self-regulation; international finance has taken the London system as the blue print as the ideal balance.

[really?]

Have you ever read a newspaper Dr. Phil?

Europe is streets ahead of us (US) in terms of regulation and eons behind in terms of greed.  Unless you count Russia as part of Europe?  The finance industry in Europe is WAY more regulated than it has ever been in the US.  Enron could never have happened in Europe etc. etc.  The European crisis is simply fallout as a result of the collapses in the States.  It is driven by lack of confidence and the death of interbank lending, all conequences of Lehmans, Fannie and Freddie etc.  Without liquidity, the whole industry collapses like a pack of cards.  Of course this is not helped by those who start runs on banks (cutting off their nose to spite their face).

The UK has a subprime problem every bit as bad as the US,  It's called buy-to-let.  Do you consider the UK to be a part of Europe?  Spain housing market is crashing, Ireland the same, Germany has had to bail out a huge bank.  Read the article by Ambrose.  Europe has its own problems, not all related to the US

[you don't know]

Have you ever read a newspaper Dr. Phil?

Europe is streets ahead of us (US) in terms of regulation and eons behind in terms of greed.  Unless you count Russia as part of Europe?  The finance industry in Europe is WAY more regulated than it has ever been in the US.  Enron could never have happened in Europe etc. etc.  The European crisis is simply fallout as a result of the collapses in the States.  It is driven by lack of confidence and the death of interbank lending, all conequences of Lehmans, Fannie and Freddie etc.  Without liquidity, the whole industry collapses like a pack of cards.  Of course this is not helped by those who start runs on banks (cutting off their nose to spite their face).

The UK has a subprime problem every bit as bad as the US,  It's called buy-to-let.  Do you consider the UK to be a part of Europe?  Spain housing market is crashing, Ireland the same, Germany has had to bail out a huge bank.  Read the article by Ambrose.  Europe has its own problems, not all related to the US

what you are talking about.  Sure Spain, Ireland have house price issues.  Buy to let is a different matter.  In places such as London this has not been viable for several years as rentals would not cover mortgage interest.  For longer term owners it continues to work as rents are actually going up as people choose or are forced to rent as they don't want to or can't get a mortgage to buy.