To listen to Barack Obama and Hillary Clinton, the U.S. economy has recovered miraculously from the financial crisis, and another jolt of left-wing economics will hoist Americans into a new golden age.
Yet, growth remains an anemic 2 percent at best. In Europe, prospects are even worse and downright menacing.
The U.S. Justice Department has proposed Deutsche Bank pay $14 billion to settle its role in a mortgage securities scandal that contributed to the 2008-09 financial meltdown, and other European banks still await their medicine. Even a settlement one-third that size would require the bank to sell stock to replace lost capital, and it is not well positioned to do so.