Big Boy did it! So, let's see . . . Greece, a profligate, socialist country, is mired in debt and would have defaulted if it weren't for a bailout . . . Big Boy did it! By Big Boy, I of course mean Goldman Sachs. The prime minister of Greece said he may take legal action against US banks for their role in the country's debt crisis, according to
the New York Post (and other media).
"For its part, the Greek parliament is looking into deals national authorities did in 2000 with help from Goldman Sachs that allowed them to mask the size of the country's debt through complex financial instruments," the Post reported.
I think our Greek friends may be on to something. Let's threaten legal action against the Democrats here in the U.S. about their questionable accounting practices and fraudulent portrayal of how fiscally salubrious ObamaCare will be.
Writes Reason magazine associate editor Peter Suderman:
"Eventually, the deficit damage starts to add up. According to the CBO, if you scrap a few of the bill’s more fanciful assumptions—cuts to Medicare payments, a slowing of the growth of insurance subsidies, implementation of the tax on “Cadillac” insurance plans (which union lobbyists already have managed to delay by five years)—the deficit will grow “in a broad range around one-quarter percent of GDP,” or about $600 billion, in the second decade. Fiscally responsible!"