Ugh

There is a man on Fox News right now from the EU Parliament who says that Europe’s crisis was brought about by spending too much and unsustainable debt. This is just not true. The crisis was precipitated by the bursting of a housing bubble and the subsequent failure/debt of over-leveraged institutions. On the eve of the financial crisis, both Ireland and Spain, which received bailouts, were running budget surpluses. Only Greece had budget trouble, but this was well-known even as they sought entry into the EU. It was called the ‘worst kept secret’ for a reason. The EU nations’ current debt is the result of the governments assuming the banks’ debt to bail out their friends bail out their donors bail out the people who’ll pay their lobbying salaries save the economy. This is a basic fact. It is a fact that many people who watch Fox News have probably never heard. And the beat goes on.

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