For most of 2012 up until the last week or so, investors in the U.S. took solace in the fact that "we were much better off than Europe." Any time the market declined, it was "blame Europe" time. That is no longer the case. As shown below, the S&P 500 is now up just slightly more than Europe's stock market in 2012. Now it's European investors who are blaming the U.S. for market declines, and if we do go over the Fiscal Cliff, they will be the ones saying "at least we're better off than the US." Ironic isn't it?