Europe: In the Same Boat and Bailing

The Continent is suffering just as much economic pain as the U.S., and the partners will have to sink or swim together

If misery loves company, a lot of recession-battered Americans may be gazing across the sea. There is certainly fuel for economic schadenfreude -- the sneaky feeling of glee at your neighbor's troubles -- over there. Europe has fallen into a slump since the middle of last year, and unemployment and stagnation are becoming political problems as well. The American tourists who have seen how well Europeans live may find it difficult to believe, but hard times there are a fact.

Anyone who draws satisfaction from this state of affairs is making a serious mistake. The world economy is too closely intertwined...