No one wants it. Not in China and now, not in the U.S. So the bond sale that was supposed to bail the country out of its difficulties will probably be cancelled, leaving the EU as the last hope. This should get interesting.
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The same thing will occur here shortly. That’s why mortgage rates are already going up.
Correction: The EU and the IMF. And go check out the USAs support of the IMF. Which begs the question, will Obama let California go to the IMF for its bailout? Not much of a diff btwn Greece and California in that sense.
NYC/NJ, CA and IL are much, much bigger economies with Greece-like entitlement issues
And much like Germany vs rest of EU, doubt TX wants to subsidize welfare states like NY, CA, etc
Unfortunately I am not sure TX will have much choice: being part of a Union can be a real bitch. Lowest common denominator and all that…
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