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.
Tuesday, April 27, 2010
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