...The recovery has stalled as consumers, watching the labor market stagnate, have been reluctant to spend. Meanwhile, bank lending levels have remained low, the result of caution on the part of borrowers as well as bankers....
http://www.boston.com/business/markets/articles/2010/08/09/stocks_rise_as_europe_shows_signs_of_growth/
No small business loans and banks are racking in some of the highest profit margins they have ever had. UBS can work over the USA, but, hey who cares? Let's all move to Germany. It is where the action is after all. They don't even have to worry about 49 other states and BP, too.
Record German Growth Drives Euro-Region Expansion (click title to entry - thank you)
By Christian Vits - Aug 13, 2010 6:14 AM ET
Germany’s economy grew in the second quarter at the fastest pace since the country’s reunification two decades ago, driving faster-than-forecast expansion in the 16-nation euro area.
German gross domestic product surged 2.2 percent from the first quarter, fueling euro-area growth of 1 percent, the fastest in four years. Economists had forecast GDP would rise 1.3 percent in Germany and 0.7 percent in the currency bloc.
Germany, Europe’s largest economy, is benefiting from a recovery in global demand after last year’s recession just as the euro’s 10 percent decline against the dollar this year makes its exports more competitive outside the region. At the same time, European governments are cutting spending to rein in ballooning budget deficits, threatening to slow growth in coming months....
