Spread of concerns about nations debt load has spread from Greece to Spain and now Portugal and Ireland. Bank losses are weakening their economies - could this be a harbinger of what the US has to deal with - overwhelming government debt and banking industry losses from a weak housing market?
Europe Fears Debt Crisis Is Growing - NYTimes.com
Tuesday, November 16, 2010
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That statement by Mr. Teixeira dos Santos to prepare a "robust budget that would cut wages, freeze pensions and raise taxes" sounds very Americanish. All the world's economies seem in such peril and the only solution seems to be to cut up the little people into even smaller pieces. What ever happened to the trickle-down effect? There seems to be nothing left at the top and especially the bottom.
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