Uh huh. Next to Larry Kudlow, Kudlow's Mini-Me is my favorite wingnut over at CNBC. He's such an avid follower of all things Europe which is why he's now declaring EU victory over the US. See, the stimulus was a complete waste of money according to Mini-Me. Despite new polling in the US that suggests Americans are finally seeing the benefit, it didn't help at all according to CNBC. Somehow an even higher unemployment rate would have been better for Mini-Me and we all know how little the unemployment rate impacts the rest of the economy.
Turning to Europe, yes, France *technically* moved out of recession. As someone who is maybe just a little more familiar with the business world in Europe than Mini-Me, it will be a shock if the growth trend advantage continues over here. All signs on the ground point towards increasing unemployment and a very shaky 2010. Considering how many people are concerned about a double dip recession, it's strange to read about the big victory. Before anyone declares "Mission Accomplished" maybe they should pause for a moment and watch the rest of the program.
Putting aside any technical definitions this recession and its near term problems has yet to fully play out. (One could also argue that the technical terms are meaningless anyway. Americans felt the recession well before the recession technically arrived.) Mini-Me and the Republicans always love waving the banner too soon. The system over here moves much slower both going into recession and coming out of recession. It remains possible that Europe will emerge first and stronger from this recession but somehow it doesn't look likely from what I see and hear. Forget about any short term spikes and let's see how it all plays out over the next 12-36 months. If anyone wants to declare victory at that point, fine, but before then it's all a bit silly.
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