Friday, May 7, 2010

I don't know the exact definition of "intertwined"......

But it probably looks like this image below.

Sooo, when the rest of the EU bailed out Greece, they're also bailing out their own banks who're owed money by Greece.

In the short-term, this means US yields will stay super low for an "extended period," as the rest of the world has little other safe place to put their money...this ability to sell debt for practically no yield is perfect for US politicians, who're like aspiring Gordon Gekkos but worse - the cash flows they pillage and "lever-up" belong to the taxpayer, not a private paper company like Teldar Paper...

From the NYTimes:

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