Bogle: Serial Borrowing May Turn US Into Next Greece
By: Ellen Chang
"The United States could face a similar dismal fate like Europe if the debt load continues to rise, said Vanguard founder John Bogle.
While America’s economy is improving, there are already signs of weakness, he told TheStreet.com.
“We have a very good recovery so far, but I see signs of slippage," he said. "I'm not sure that I believe we will have a double dip, another drop, but I don't see this recovery getting any stronger than it is now,” Bogle said.
(This must be a joke to lighten the mood. I defy anyone anywhere to show me tangible proof of a recovery that exists outside of Obama's brain.)
If the United Stated fails to reign in its debt, it could easily become another Spain or Greece, he said.
“It will absolutely happen here, unless we have the courage and perspective and wisdom to start to fix the mess we're in. In other words, we don't have a hopeless situation. We have a situation that is only hopeless if we refuse to deal with it,” Bogle said..."
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