Sarkozy loses his election in France

Not a surprise, but it’s a whole new ballgame in Europe now.

Francois Hollande held a strong lead of 52.5 to 47.5 per cent over Sarkozy, all but assuring the return of Socialists to power in France for the first time in 17 years, according to exit polls released by Swiss and Belgian news media three hours before the close of the polls.

Hollande is said to be antagonistic toward Angela Merkel, Germany’s PM. Especially her economic policies toward other Eurozone countries. The candidate on the right this time was His opponent will be Marine LePen, daughter of one of France’s most radical-right politicians since WWII.

UPDATE: Naked Capitalism fleshes it out a bit:

And here it the critical point, that the Hollande victory is yet more proof that the public is sick of failed policies:

Mr. Sarkozy’s defeat makes him the 11th euro-zone leader swept away in the sovereign-debt crisis.

But technocrats are still driving this train, although France is a significant enough player, and more important, a key ally of the bloc of surplus countries, that we might finally see a shift in policies. Stay tuned.

19 responses to “Sarkozy loses his election in France

  1. Yep. The Dutch govt which supported austerity has also collapsed.
    European voters are not only rejecting austerity, they appear to be rejecting the race to the bottom mentality which corporations are trying to push on workers around the world. What I’ve heard from French voters speaking out about the election is “We don’t mind having less money and fewer toys if it means we have better benefits and more leisure time.” I can’t help but agree with that sentiment.


    • I hope it’s good news. Anyone iwth eyes to see knows their austerity programs are only making things worse. We did some stimulus, we printed some money and propped up our banks – and we’re doing much better than many of them.

      And I’m with you in that I think there’s a big element of anti-cronyism, anti corporate control there.

      If I’m worried, it’s about more political instability – never a good thing in Europe.


  2. Do NOT worry Moe…
    The protests in the street will come to an end….
    The lesson for America IS Clear…..
    And to think…
    OUR people told these guys to cut….Cut…CUT…..


  3. Pingback: In Sarkozy’s lost is there a message for America? | Politicaldog101.Com

  4. I think this new fellow will put the marginal taxes at 75% in France, for those over a million euros pr. year.
    A bit like Eisenhower levels – but a bit different than the Bush ones…


    • That’s what he’s said. The big deal is going to be how he fares in the Eurozone – maybe he can set the example, although by the time that plays out we know that the opposition will credit any success to the earlier austerity. Our style of politics is global now.


  5. The Markets here and abroad are fine today 24 hours after a French Socialist is about to take the helm in that country….


  6. mac,

    ” I think this new fellow will put the marginal taxes at 75% in France, for those over a million euros pr. year.”

    And the rich will stay in France ? Or will the French put in enough green loop holes to keep them in the country ? I bet a lot of Euros are already being spirited away .


    • Marginal rate, Alan, marginal rate. So you think that’s too much to ask people to do for their country? I will assume then, that they would also skip town if they were asked to fight or die for their country.

      But it won’t happen . . . rarely does. The only ones who pull up stakes are those mega corps who now have economies larger than many countries. They don’t care about any country at all.


  7. Ms. Holland ,
    ” So you think that’s too much to ask people to do for their country? ”

    Of course I do . Only in wartime can you justify confiscating 70% of anyone’s income. And before you get on your high horse, I remind you that rich liberal hypocrites like Warren Buffet and Barak Hussein Obama take every single deduction to keep ‘ their ‘ taxes as low as they can .

    None of this matters at all . The rich will leave France with their money, even the progressive ones . Guaranteed the French treasury will collect less money as it raises taxes. And that is the whole point, isn’t it ? To raise enough money to fund the French government .


    • [Only in wartime can you justify confiscating 70% of anyone’s income.]

      I said ‘marginal rate’ Alan. That means they get taxed at 75% only for the amount that is OVER 1million. The part UNDER 1million is taxed at the regular rate.

      Of course in our wartime, we lowered the taxes, cuz Bush wouldn’t dream of asking the rich to pay more to help their country in wartime. The only ones who were asked to pay were those who ‘fought and died’ for their country.


  8. Ms. Holland ,

    I meant a war such as WW11 where every Franc was needed to keep Adolph out of Paris. Of course it did not work .

    I believe I heard that even your guy President Obama is telling Hollande , don’t raise taxes, do as I say, not as I do .

    And wait a minute, why should it be marginal ? Those rich POS’s should pay 75 % of their entire income . Two centuries ago the French knew how to deal with these rich oppressors . Madame Guillotine . Vive la revolution .


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