Bethany McLean: My big fear is that we don’t have as much time as Washington seems to think we have, because the smart money on Wall Street has been talking about a sovereign debt crisis for a couple of years now, even before we had the conflagaration in Greece.
David Gregory: What does that mean?
Bethany McLean: That means that we’re going to have this bond market crisis that Dr. Greenspan was talking about earlier, sooner than we may expect.
"— What does that mean? Gregory knows what that means, of course, but he constantly asks the panel to spell out things that might seem complicated to an average reasonable American. What this means is that America is psychologically unprepared for that, as a solid Meet The Press discussion this week showed. Newt Gingrich is more prehistoric than usual. He rejects an effort to intervene in amok entitlement spending—he calls it “frighten[ing] most Americans— and calls for an extension of the Bush tax cuts.
