Quote of the Day

“What’s wrong with the prescription of spending cuts as the remedy for Europe’s ills? One answer is that the confidence fairy doesn’t exist — that is, claims that slashing government spending would somehow encourage consumers and businesses to spend more have been overwhelmingly refuted by the experience of the past two years. So spending cuts in a depressed economy just make the depression deeper.” — Paul Krugman, on the demise of Greece‘s austerity regime and France‘s ouster of the like-minded and fatally boorish Nicolas Sarkozy, better known as Carla Bruni‘s husband.