Monday, July 11, 2011
Another Taxpayer Giveaway?
We are told that Greece may become the “Lehman” for the European Union. This is a real danger — but the risk is not default and economic instability. It is the possibility that governments will be stampeded into another major giveaway to the financial community.
The threat that default by financial institutions could cause a global depression drove the U.S. government to bail out the finance sector. The United States now totters on the brink of a prolonged recession. The only visible beneficiaries have been financial institutions.