Not the Greeks, But Their Creditors Get Bailed Out

Ahhh, the Greeks! Long considered the cradle of Western civilization, Greece is the birthplace of democracy, the founders of Western philosophical thought. The Greeks invented the Olympic Games, literature, political science, and too numerous too enumerate scientific and mathematical principles. The first coin was minted there, as was the university education, and the idea of theater and drama.
What they did not invent was Tragedy, but they are certainly embracing it today.
In that way, the Greeks are not so different than you or I. We Americans socialized the losses of our banks, while being so dumb as to leave the profits privatized. (The worst of both worlds!). Or the Irish, for that matter, who like us and the Greeks, were foolish enough to assume the bad debts of their reckless bankers.
Whenever you hear a Bailout being discussed, look to see who it is that is actually being bailed out.

http://www.ritholtz.com/blog/2011/06/not-the-greeks-but-their-creditors-are-being-bailed-out/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+TheBigPicture+%28The+Big+Picture%29