Luck of the Irish: If it wasn't for bad luck, we'd have none at all.
If it's too big to fail, it's too big.
The unemployment rate in Ireland is 14 percent, and commentators see that as a good sign. At least it's not getting worse.
The jobless rate in the United Kingdom is 7.9 percent, and GDP figures just released indicate growth of 0.3 percent during the first quarter. That's a preliminary figure, and is seen as an indication the UK has avoided a triple-dip recession -- that is, the third in five years. Even so, the nation's economy is flat-lining -- stalled at near zero.
In Spain, the jobless rate has soared to a record 27.2 percent.
Italy has a new prime minister, who says an austerity program "is no longer enough."
In the U.S., some officials may be having second thoughts about rescuing giant financial firms that get into fiscal trouble with bad bets. The concept of moral hazard applies here: If someone knows he'll be bailed out, there's a tendency to take bigger risks.
GDP figures for America are to be released tomorrow, and it's anyone's guess for the direction. In the fourth quarter, growth was 0.4 percent; positive, yes, but still barely moving forward.
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