My main focus on the Greek crisis is how it will impact the global economy, and especially the United States, but nobody covering this issue can avoid the morality lessons. First, Greece borrowed too much. That’s bad. Second, Greece cooked its books to conceal the magnitude of its deficit spending. That, too, is bad. Third, other European countries knew that Greece was doing this, but ignored it so as not to embarrass them or weaken the European Monetary Union. That may have been the worst error of them all.
By James Kwak
Robert Reich discusses a theme that I think I’ve discussed before (and first heard expressed by Ezra Klein):
“The most important thing to know about the 1,500 page financial reform bill passed by the Senate last week — now on he way to being reconciled with the House bill — is that it’s regulatory. It does nothing to change the structure of Wall Street.”
WASHINGTON/NEW YORK (Reuters) - The top communications regulator offered to pay television broadcasters to give up their rights to airwaves in a controversial bid to free up wireless spectrum for advanced mobile phone services.
Diane Mermigas submits:Television broadcasters need to stop partying like it was 2006 and adjust to their new reality. Improved advertising forecasts are not what they seem. Spending by brand marketers is coming off record lows; it has nowhere to go but up. Gradual recovery spending is not the same as real sustained ad revenue growth.Complete Story »