Wall Street Journal
November 25, 2011
Are you, dear investor, sick and tired of global markets being driven by sovereign-debt issues in Italy, Greece, Spain, France and the U.S.? Would you give anything to have markets return to a placid time when correlations were low, stock-picking mattered and parliamentary showdowns in Bratislava didn’t so much?
No! say Merkel and Obama.
Like two aerobic instructors heck-bent on whipping government spending into shape (at least rhetorically), the German Chancellor and the U.S. President have a simple message for recalcitrant lawmakers and those squealing in the market squealing for mercy: no pain, no gain.
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