As the world markets began to close another chaotic day and the U.S. braced for what could be one of our own, I talked to Fox Business analyst Liz Claman about the volatile world economy. For starters, faltering European nations Portugal, Ireland, Greece and Spain or PIGS.
“They're Europe's problem children,” Claman said, “They have spent too much. They have not brought enough in. And they borrowed too much…You used to see that whatever happened in the U.S. was what then happened overseas. Now, it's the opposite. Things that happen in China, things that happen in India, things that happen in Europe, are affecting the world markets. And this is now a major issue for us.”
Also contributing to the market slide was a very somber jobs report, "We're just not creating jobs yet,” Claman says. But all hope is not lost, “We have to walk before we can run. We stopped losing as many jobs. You have to give that [Obama] administration and the previous administration, President Bush, some credit for that, where they started to at least put a slide to the real problems.” And now that the jobs slide has been slowed by two presidents, the country waits to see if, long term, the government can find a way to stimulate job growth.
See the entire report here: