New Fox News piece: Greece Offers a Frightening Glimpse of the Future

My piece at Fox News starts this way:

Greece is a small share of the world market, and Athens is almost 5,000 miles from New York City. Yet, the wild swings in the stock market on Thursday stem not from Greece’s size, but from what it tells people about the future for other countries. On American’s current path, Greece’s current woes will be our future. From slower economic growth to having less money for their retirements, Americans have a real stake in learning from Greece’s errors. Hopefully, the 347 point drop in the Dow Jones Industrial Average yesterday and the over 700 point drop since Tuesday will get Washington's attention.

The violent demonstrations in Greece are showing how incredibly hard it is to control government spending once programs are started. Even just cuts in the growth in spending are meeting stiff opposition. . . .

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Blogger OldSouth said...

Was it in the 1990's that cuts in the rate of entitlement growth were greeted with cries of 'cruelty' and 'heartlessness'?

5/09/2010 8:39 PM  
Blogger Chas said...

Greece is not a problem. Profligate spending is a non-issue because Greece's profligate spending is being rewarded with a bailout. No problem. The world's governments support socialism and will pitch in to prevent it from falling flat on its face when needed.
The idea that socialism should be allowed to fail when it has failed is not in effect in our world - it's just not an operative idea.

5/09/2010 8:51 PM  
Blogger Mike Gallo said...

Define "irony:"

A group calling themselves anarchists taking over the Acropolis in order to protest reductions in government entitlement spending.

I wonder how stable Corfu will be when I'm in the Adriatic later this summer? I might want to stay on the boat for that one.

5/10/2010 9:20 AM  

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