Bailing out insolvent governments and their entities leads to the same result every time. Greece is about to pull the trigger on restructuring its sovereign debt. The EU is scrambling for a contingency plan that will probably not satisfy all of Greece's creditors - particularly Germany - in time to prevent a restructuring.
Meanwhile, the U.S. is headed over the same cliff. Fannie Mae needs another $8.5mm of your tax money because its home loans to Joe Six Pack just aren't working out. That's what happens when too many average Americans elect strategic defaults over giving up their addiction to living beyond their means.
Bailouts didn't work in Greece and they won't work here in the U.S. Citizens of both countries will be living within their means very soon, whether they like it or not.
Meanwhile, the U.S. is headed over the same cliff. Fannie Mae needs another $8.5mm of your tax money because its home loans to Joe Six Pack just aren't working out. That's what happens when too many average Americans elect strategic defaults over giving up their addiction to living beyond their means.
Bailouts didn't work in Greece and they won't work here in the U.S. Citizens of both countries will be living within their means very soon, whether they like it or not.
