made up of profligate right-wingers and somewhat prudent left-wingers. germany is the rock bed here and germany and the people who run the european union are horrified at the profligacy of spain, portugal, it will i and greece. and it looks like the currency is falling apart because the stronger countries don t want to help the weaker countries. don t they have rules within the community about fiscal responsibility. can countries go crazy and still be in the union? i have to tell you. i don t think they can. this reminds me not so much of the russian situation in the 90s, what people are comparing it to. but if we re going to go back in time, let s go back to 1982 and 1938 and 84. it looks like the countries are going to have to default for this to end. which is why if we circle back to our market, people are worried that until we see some default, until we see a resolution of the crisis, good or bad, our market is going to
governments far outspent what they had. and can never get up in tax receipts. so you have a currency that s made up of profligate right-wingers and somewhat prudent left-wingers. germany is the rock bed here and germany and the people who run the european union are horrified at the profligacy of spain, poort gal, also of italy, ant greece. and it looks like the currency is falling apart because the stronger countries don t want to help the weaker countries. don t they have rules within the community about fiscal responsibility. can countries go crazy and still be in the union? i have to tell you. i don t think they can. this reminds me not so much of the russian situation in the 90s, what people are comparing it to. but if we re going to go back in time, let s go back to 1982 and 1938 and 84. it looks like the countries are going to have to default for this to end. which is why if we circle back to our market, people are
about 2:45, it was down 900. and about 2:48 it was down 300. explain one little thing about these countries. i m a political guy, you re a money guy. let s crosswalk this thing. seems to me that you and i grew up with the fact that there were dictatorships in europe, on the iberian peninsula and in greece. you had franco, who overstayed the second world war a bit by two generations and you had salazar in portugal. salazar! and, of course, you had the greek colonels. the right-wing governments in europe seem to be the ones that are the most precarious right now. greece, portugal, spain. is it a complete coincidence? or old-line, right wing politics that never stabilized into serious socialized countries. democratic countries. what happened? i think all of these countries far outspent, their governments far outspent what they had. and can never get up in tax receipts. so you have a currency that s made up of profligate right-wingers and somewhat