Replies to post #105057 on Tornado Alley (PROG)

[StephanieVanbryce]

read all about it .. The events that triggered Argentina's crisis

http://news.bbc.co.uk/2/hi/business/1721103.stm

The Beatings Will Continue Until Morale Improves


http://www.bloomberg.com/apps/quote?ticker=GIGB10YR:IND&n=y

We get this:

Honohan Says Irish Government Must Cut Deficit at Faster Pace. [ http://www.bloomberg.com/news/2010-09-20/honohan-says-ireland-must-cut-budget-deficit-at-faster-pace-as-yields-rise.html ]

Don’t cry for me, Argentina.

September 20 2010
http://krugman.blogs.nytimes.com/2010/09/20/the-beatings-will-continue-until-morale-improves/

[dickmilde]

No more free lunch...

The situation in Greece is desperate... This is the result of decades of mismanagement by the private sector as well as government. Long term concessions to unions have resulted in more pay for less work, retirement with full pay at age 50. Now they are asking Germany, where people work to age 65 and retire at reduced pay levels to bail them out. It will be a miracle if Greece is able to avoid a full scale depression.

The lesson in this is that society has to earn and work for what they desire... The US economy is going in a similar direction and our government is also running out of money, too many people are given money that hasn't been earned. It's time to stop the free lunch.