Why Europe is less panicked about the stock market

News Snapshot:

Susie James, a retired small business owner in Wales, has observed the recent swings in the stock market with only mild interest. Like many Europeans, James and her husband hold a significant percentage of their savings in cash, the product of a long-held distrust of the market. “I’m old enough to have lived through two major crashes,” said James, 67, recalling the market panic on Black Monday in 1987, when her father lost 10,000 British pounds (about $38,000 today), and the 2008 financial crisis. Her retirement account has earned less than major stock indexes, and to her, investing in the...