Wednesday, June 29, 2011

Wall Street In Complete Denial

I am amazed as I watch the events in Greece unfold and listen to one talking head after another say how it doesn't matter. They simply cannot accept the fact that economic growth bought with government debt IS NOT SUSTAINABLE.

Greece is going to default. The economic ramifications for Europe are massive.

The U.S. stock market will be affected.

The Wall Street banks simply don't want to believe it because if they do believe it, their solvency, once again, becomes questionable.

Where have we heard this before?


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