Pride Cometh Before A Fall: Siemens executives gave a thumbs up as their company listed on the NYSE; the next day the stock tanked
Financial journalists have learned that they can always depend on the market to make them look like suckers. In January, Time forecast a relatively sunny outlook for European investors. Although the mercurial U.S. economy was already clearly in trouble, Europe seemed to be on course for sustained moderate, healthy growth. Actually, that still appears true. Economists surveyed by London's Consensus Economics are predicting that U.S. gross domestic product will grow less than 2% in 2001 down from a blistering 5% last year but they expect European Union economies to expand by roughly 2.6%, off only slightly from last year's...
