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jim pethokoukis, europe in recession. the numbers came out worse today. european recession? what's it going to mean here to our economy and our stock market? >> it doesn't help. it doesn't help. we have europe and we've heard a lot about the austerity in europe. the part we hear less about is the tax hike part. there's already high tax regions and they are raising taxes further. >> like obama. >> as long as manufacturing hubs like germany, sweden -- >> i saw your piece on sweden and the nordic countries, that's great. they lowered the share of government and they lowered taxes. what did it do? how did the north countries do? >> it's been a wonderful supply side experiment. >> corporate tax and individual and they made their labor markets better and cut unemployment insurance. their unemployment rate is lower than ours. >> they're all smarter than the united states. we're raising taxes. >> the scandinavian countries are some of the most generous entitlement and social spending countries in the world but they're also one of the happiest. >> but sweden has a