Weekly Wrap: Super committee and eurozone crisis
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Weekly Wrap: Super committee and eurozone crisis
Oh what a week it has been. First, there’s never enough gravy at the table. There’s the super committee and its super failure to come up with $1.2 trillion in budget cuts. Germany, the mightiest economy in the European Union, had a less-than-ideal bond auction. And then, of course, there’s the gunplay and pepper spray that marked the start of the year’s biggest shopping season. Lizzie O’Leary from Bloomberg News and John Carney with CNBC discuss the week’s big news on Wall Street and beyond.
On what’s going on with with the super committee:
Lizzie O’Leary: What is going on right now, when they couldn’t actually reach an agreement they announced their failure on Monday. Now we see the approach of what would be these cuts that automatically go into place — take equal whacks from the Defense budget, the non-defense budget, but they don’t kick in until 2013. So that buys Congress a little time to do what it does best, which is try to wiggle out of the situation it got itself in in the first place.
On the eurozone debt crisis:
John Carney: I think as things get worse and worse in Europe, there’s actually a hopeful sign. Watching Germany’s interest rates start to climb might actually be a great thing because it may break the German will not to help out in any way.
For more analysis, listen to the entire dicussion above.
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