Can current events predict the future? Did bankers, SEC officials and credit agencies foresee the excesses that led to the bursting of the real estate bubble that was largely responsible for the current economic downturn? Even though many of the banking, government and agency executives that testified before congress denied foreseeing the meltdown, is it possible that they were too busy focusing on their own material gain and maintaining the status quo rather than monitoring credit quality and standards?

What about Greece? Years of deficit spending and fiscal irresponsibility has resulted in government debt being downgraded to junk status. Does this sound familiar? Has the United States been doing the same thing at every level of government - Federal, State and Local? If you are the type that likes to keep their head in the sand, then don't look at this link. The US debt clock pegs our national debt at almost $13 trillion. That's about 90% of GDP. Greek's total debt is about 120% of GDP. With trillion dollar deficits forecasted for the US, into the foreseeable future, we are not far away from Greece. By the way, the debt clock pegs our total debt at almost $56 trillion and unfunded future liabilities at a staggering $108 trillion! Are you getting sick yet?

So everyone has been living off the "fat of the land" for years just as the Greeks have. Now the day of reckoning has arrived and the Greeks are being asked to accept austerity measures to get their fiscal house in order. How do people respond when they have to face reality? Thousands of Greeks are taking to the streets and people are rioting. Three people are dead so far.

Are we getting a sneak peek at our own future reality? Based on the current trend in government deficit spending, I don't see any real strategies being deployed that will change the trend line. Does government have the discipline to immediately institute cost cutting measures to reduce the rapid growth of the deficit? Are we going to put off "dealing with reality" until we go broke? Is a Greece like implosion in our future? What do you think?
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Steve Belli

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