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Global impact of Europe economic crisis

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    WSJ's Steve Moore weighs in

  • Duration 4:04
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Let's get some business he's now the head of America's biggest bank facing some serious.

Music today JPMorgan CEO Jamie -- any shareholder's meeting right now this is just -- After announcing the firm -- billions.

And a bad trade right now have to take a look where -- stock market is that you can see the Dow is -- 54 points so far this morning this as -- financial crisis in Greece.

And it crosses the Euro zone really -- -- impact our stock market the global economy even the election.

That's when he truck here at home Stephen Moore senior economic writer for the Wall Street Journal joins us now -- Steve who have been talking.

For more than a year now about -- the Euro zone and what's happening in Europe what what makes now different and why does it matter.

-- -- this is a story that just won't die we've been talking about Greece and all the problems and some of these other.

I European countries like Spain and Italy and Portugal now for your right more than a year.

-- it doesn't look there are any closer to resolution today -- -- than they were a year ago in fact that.

-- the election outcomes.

A week or two ago in Europe were.

Question of questionable value in terms of turning around these economies they move more of a lot they -- more on a socialist -- -- -- How that an affect amounts that right and if French president is an about socialist and in Greece you had a -- wing regime takeover.

So the problem I believe John in Europe is that they become so addicted.

To the kind of -- -- massive entitlement welfare state.

They can't give it -- they feel like it's because -- -- human right and they any kind of attempt politically to rein that in.

Have been resisted.

Because of the potential danger this poses the US economy manufacturers some of our big companies some of our big banks do you see any scenario where American taxpayer money.

It one -- -- -- there is used to bolster these economy.

-- -- -- -- -- You know I don't think there's any support among -- public for doing not.

You know -- words bailout have become four letter words and in Washington DC I don't see any prospect for that you know -- -- -- -- Central Bank was very -- -- -- right -- you know you're -- China and I'm saying there's -- political support for a picture right -- that has intervened.

The IMF is intervene.

But I think as -- -- of the American people say wait a minute we've got big problems in our economy right how -- why should we be bailing out Greece or France or any of these other countries.

In Europe so I don't I what I'm saying is there's no political support for it but some of these institutions don't have you know they're they're not accountable to voters like the I -- up from the Federal Reserve.

And a lot of again a lot of our money and working in different ways in those organizations -- there's doesn't headlines coming out of Asia now -- -- China and that economy slowing.

Eight and again EC it's almost like a slow moving storm from Europe or Asia and different opinions about what that means press but what do you see for the next couple months and what's the potential impact of.

First of all look what's happened stock market over the last two weeks to a month -- it's been a bear market we had a really nice run up in stock values I think there's a lot of fear.

Among investors about what's happened with you in Europe in Asia the other interesting part about the China story that you mentioned -- it's you know the new projections came in.

-- for China that their growth rate will only be 8% fresh I would have a lot of -- -- seven hours a day like I do work relative to first sat there aren't they percent of their complaining basically they mean they mean.

May need a stimulus that there's no question China is slowing down a little bit and and I thought I'd make the case that may be more pose a bigger threat to the United States -- Then Europe does because -- that new big actor on the world stage.

Vying with the United States for international some promise quickly here's -- I think we can do and anything we can do to help and Slater an economy.

Sure I mean if we the first thing if -- were advising Barack Obama.

Let's call off the tax increase on general and 2013 in the capital gains the dividend.

The big what you which you called on the show taxman gotten just called off the presence of say when I gonna do this until maybe 2015.

This is not the time given these these jittery financial markets -- For raising taxes on investment and savings when you let us know when he coliseum to pick out that'll be that they had many nights he has -- -- -- like that announces that very much.

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