French voters have given President Nicolas Sarkozy the boot and elected Socialist Party candidate Francois Hollande to be the next leader of France, sending a clear sign of rejection to austerity measures and shockwaves to markets. With a current 35 hr/max work week, retirement with benefits at 55, and little time given for the progression of Sarkozy’s policies, some from the outside looking in question if austerity was even given a far shot. Yeshiva University Economics and Philosophy Professor James Otteson joined “Real News” Monday to discuss the affect this election could have on financial markets long term, what policies Hollande is likely to put in place, and what actual austerity is.
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