The Toronto stock market sold off Friday morning amid growing pessimism that deep spending cuts by European countries will slow a global economic rebound.
Two weeks ago "investors" were concerned about the amount of debt certain European countries owed.
Last week the "investors" were ecstatic that a deal was reached that involved more "good" debt to cover the old "bad" debt.
This week "investors" are concerned that the countries involved are trying to manage all this debt and are cutting costs.
By my interpretation, investor logic is as follows: Damned if we don't, damned if we do, damned if we did, and damned if we won't.