Economy

SheilaT

(23,156 posts)

1. Read "Boomerang" by Michael Lewis.

Mon Dec 12, 2011, 03:24 PM

Dec 2011

But the short answer is that it was NOT, I repeat NOT social spending. Each country fucked up in its own particular way. The Greeks simply avoid paying taxes big time. It's as if every single Greek is Leona Helms. And if you don't know offhand who she is, google her.

The Irish went nuts building housing for which there was no market. The Icelanders decided they were geniuses at international banking. Those last two countries got involved in schemes a lot like the entire mortgage fraud thing in this country.

Did I tell you that social spending has absolutely nothing to do with the crisis?

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OK... non Econ major here.... [View all] Bigmack Dec 2011 OP

Read "Boomerang" by Michael Lewis. SheilaT Dec 2011 #1

Bad decisions and fraud and continued bad decisions and more fraud mrdmk Dec 2011 #2

I posted this the other day, found it a good overview. dixiegrrrrl Dec 2011 #3

Thanks... found this after I posted. Working at reading it now. nt Bigmack Dec 2011 #8

ABC Radio National in Australia had a great radio show on this CatholicEdHead Dec 2011 #4

There is a difference between the Eurozone and European Union mrdmk Dec 2011 #5

Someone just posted a GREAT article about this in SMW..let me go find it! PassingFair Dec 2011 #6

Yep. Ghost Dog Dec 2011 #9

This, the one below re: trade surplus EU countries encouraging the indebtedness.. girl gone mad Dec 2011 #12

If countries are in debt was it too much spending or not enough taxes? dkf Dec 2011 #7

The Greeks got into the EU by lying about their debt. Then they used the fact they applegrove Dec 2011 #10

There's a very simple, clear account of what happened here: Ghost Dog Dec 2011 #11

the real cause is the euro itself rdking647 Dec 2011 #13