The miracle was a good sales tool, but Wall Street now needs a new one. The declining housing market s the chief culprit, but low productivity growth calls into question the justification for high stock prices.
Government & Agencies
Debt downgrades from S&P and Fitch reflect the facts the Prodi government is too weak to face fiscal reality. Investors and politicians prefer to keep their eyes closed. But without a big change in direction, a debt crisis looks inevitable. Debt downgrades from S&P and Fitch reflect reality the Prodi government is too weak to stave off fiscal decline.