What do you think the dangers are of a European economic slow down prolonging the US recovery of earnings for another year? (June 16, 2001)
As we said last week, Europe feeds off of the U.S., not vice versa. We make our own wake over here and had to do it all during the 1990's. It won't help, but we were not expecting any help from Europe. Indeed, as we said over a year ago, as the U.S. goes, so goes the world. That is what is happening, and as we have seen and heard from companies recently, the U.S. is improving but Europe is just slowing down. We were not counting on Europe when we made our projection of a second half recovery, and we are not counting on Europe now.
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