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Greece, Debt Ceilings and Leadership

the agreements on Greece and what will come out of the debt ceiling will not make real estate values better

By Joel Ross | Updated on July 04, 2011

The Europeans have once again extended and pretended with Greece instead of dealing with the real underlying problem-Greece is insolvent and never can become solvent until there is a devaluation and a massive change of culture and political beliefs in that country. Greece has been essentially broke and in default for decades. They lied and Europe winked to get them into the Euro zone. As with all of these monetary and fiscal problems, they will have to be dealt with someday.

Obama continues to use inflammatory and absurd rhetoric to claim the children and old people will suffer horribly unless taxes are raised and subsidies on jets is eliminated. He only makes himself look silly with such statements, just as he did by releasing oil from the reserves instead of dealing with the real issue of drilling. The Republicans stick with adherence to Grover Norquist and refuse to even talk about true tax reform which is badly needed to have a simplified and fairer system. In the end they will have no choice to both compromise and find a temporary agreement which will not accomplish true reform of entitlements and deficit reduction of at least $4 trillion or more in 10 years. There is no choice but to make a deal just as the NFL will make a deal shortly because there is simply too much at stake for everyone.

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