American Humble Pie

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Investors are running out on corporate Europe too

Is it just that I'm a touchy American, or do I detect a hint of schadenfreude in the voices of my European friends these days? First that New Economy icon Enron, then swashbuckling empire builder WorldCom and now even sad old, out-of-step Xerox — each new revelation of creative accounting and vastly overstated earnings is another blow to the credibility of corporate America. The prospects for a robust recovery in both the stock market and the economy are looking dimmer. Americans are not only poorer than we were — or thought we were — just a couple of years ago,...

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