German tax payers got hit with a 3% increase in VAT (= sales tax) not so long ago. Any American praying for a "good outcome" of the Merkel meeting should be willing to accept higher tax rates in US to pay down OUR debt!
The stock market Monday ignored a very weak Empire state survey, which showed business conditions declining to minus 7.72 from minus 3.76 last month
Since it came to the financial markets' attention last week, the Paris meeting has been held out as a moment of hopefulness where some real resolution may be developed to solve the European debt crisis. But analysts say the expectations for what the two leaders can do may be too high.
