Tuesday, April 27, 2010

Greek Bonds Rated as "Junk"

The Greek bond has been cut to junk by S&P. American policy makers really need to take a serious look at this. While this is bad news for Greece, it is proof that we are in a global financial crisis where hard decisions are finally being made. American people have this one chance to see for themselves the logical end of a cradle to grave entitlement scheme. It sounds good, but it is not sustainable. American bonds and Greek bonds are not too far from sharing the same fate.

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