On the other side of the world, Germans were reacting to the finger-wagging performance of German Finance Minister Peer Steinbrück before the federal parliament, the Bundestag, on Thursday. "The world will never be the same as it was before the crisis," Steinbrück told German lawmakers. "The US will lose its status as the superpower of the global financial system."
His speech blamed Wall Street's "blind drive for double-digit profits" and insufficient regulation for the crisis. While admitting that it would hurt Germany's economic growth and labor market, he tried to comfort the lawmakers by stressing that the German economy was stable and that "more than anything, the finance market is an American problem."
In Friday's papers, German commentators digest Steinbrück's comments in a number of ways. In general, though, none of them appear ready to gloat -- and none of them are ready to believe that the danger has passed.
http://www.spiegel.de/international/germany/0,1518,580709,00.htmlThe reviews are coming in from around the world and they are not pretty in regards to what is happening to capitalism in America.
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