we're next if we don't stop over spending....raising taxes will only exacerbate the problem. 

Who cares?  The market will not react negatively and drop as long as Draghi says he is "committed" to fixing things or they pump/dump more money into the economy ala the USA...all will be well.  Europe has an austerity program and don't have the revenue to support it through traditional methods such as taxed so the cure to make sure protesters don't create an uprising...just print more money!!  Seems like a familiar tactic and one that we continue to do here in the USA.  I find it amusing when you have key economic indicators (not opinions and phony surveys) that all point to a global slowdown in China, Europe and USA and yet some CEO or financial "expert" thinks things will get better and the media pumps it up with sensational headlines to give the illusion all is well and the market soars!!  Meanwhile, we have a broken US postal service losing billions of dollars a year, an anemic housing market, lackluster job growth, slowdown in manufacturing etc. and yet the market once again "soars" on some bullsh*t newsbite.  I am also sick and tired of all the various manufacturing indexes, consumer surveys etc.  If you want the truth dig into the numbers and you will find what is reality in our economy and not what the media wants to spew forth.  I'm surprised the Euro isn't up based on the European stunning comeback over the USA...that's the type of ridicouous info driving the market these days. And lets not forget as we enter the holiday season the blaring announcement about all the jobs being created but what they headlines don't say is they are part-time, low pay, no benefits retail jobs that will be eliminated in January once people return all the junky Chinese goods they bought at Christmas.