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Europe’s Subprime Quagmire

Back in 2007-2008, when the financial crisis was still called the “subprime” crisis, Europeans felt superior to the US. These days, Europeans have little reason to feel smug, and their leaders could learn a lot from the US experience.

BRUSSELS – Back in 2007-2008, when the financial crisis was still called the “subprime” crisis, Europeans felt superior to the United States. European bankers surely knew better than to hand out so-called “NINJA” (no income, no job, no assets) loans. These days, however, Europeans have little reason to feel smug. Their leaders seem unable to come to grips with the eurozone’s debt crisis.

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