|May 25, 2012|
|Good-bye, Good Riddance to Greece, Facebook|
|By Kevin McCauley|
|Donít you wish that Greece would say good-bye and good riddance to the European Union? Thereís very little drama left to the story about Greece going back to the drachma. |
How many times must we hear German Chancellor Angela Merkel demand that Greece stick to its massive austerity program? It simply isnít going to happen. Greece is on the verge of electing a new leftist government that is committed to spending.
Itís time for Europe to deal with that reality and exhibit leadership.
Greece is small potatoes on the global stage. Its economy is the size of Massachusetts. Of course, economists predict a run to the exits once Greece abandons Euroville. Ireland and Portugal are said to be next in line. Thatís manageable. Things get dicey when Spain and Italy drop the euro. That would be news.
The Facebook botched initial public offering is another story that has been beaten to death.
Morgan Stanley blew it. Too many shares were offered. The IPO was under-priced. NASDAQ screwed up. Lawsuits abound. Case closed.
Itís hard to shed a tear for those who bought the stock at $42 with the intention to flip it once the anticipated opening day ďpopĒ took off. Investing involves risk. First-day investors still holding their shares havenít lost a nickel. They should keep their cool.
Facebook is going to be okay.
Mark Zuckerberg and the Facebook gang arenít shedding any tears over the stock price. They have moved on, gearing up for the companyís annual game day when priorities are dodgeball, kickball and steal the bacon.
The media should move on from both Facebook and Greece. There are bigger stories that are begging to be reported, such as the financial calamity that awaits the U.S. economy at yearend if Congress cannot get a budget deal done.
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