The last time the French elected a Socialist president their currency and stock market plunged in a matter of weeks. It turned out to be a bargain.

Market mavens flapped their hands and reached for their smelling salts after France elected Socialist candidate Francois Hollande president on Sunday. Combined with Greece's elections, which brought fringe candidates into the fold, the news seems to be confirming the worst prejudices about those nutty, left-wing, degenerate Europeans.

How we forget.