Obama's Big Fat Greek Bailout

From Timothy H. Lee at the Center for Individual Freedom:

Amusing entertainment news this week comes out of Britain, where Deadline London reports an upcoming Barack Obama miniseries based upon journalist Richard Wolffe's book, The Making of a President.

Here's an idea for a better title: Obama's Big Fat Greek Bailout.

After all, Obama’s enormous and unsustainable entitlement agenda perilously tracks Greece's, and the future consequences will be the same unless someone interrupts his bad sequel.

That British entertainment news dovetails with less humorous news elsewhere in Europe this week, as the Greek fiscal meltdown suddenly escalated into a European contagion. Subsequent credit downgrades in Portugal and Spain triggered alarm that the entire euro zone faces a debt crisis, and increasingly-panicked investors abandoned euro zone stocks and bonds. Additionally, the cost of insuring European companies against debt defaults jumped following this news, and the euro’s value declined.

Previous cost estimates of a €45 billion ($60 billion) Greek bailout suddenly reached €120 billion ($160 billion).

Beginning to sound familiar?

Read the full article here.