ISI notes the differences between the US and EuroZone in terms of GDP components:
• Housing in the US at just 2% GDP has already collapsed; housing in the Eurozone at 5% has substantial downside risk.
• Capex in the Eurozone at 14% has downside risk.
• Eurozone consumer already is a significantly smaller share of GDP than US.
• Exports & imports = 24% in Eurozone is much more exposed to global slowdown and currency changes.