Greece’s financial problems have dominated headlines in the past week.  Here, e.g., are some excerpts from The Wall Street Journal:

Saturday 20 June.  “U.S. stocks ended  lower Friday… worries over Greece sent investors piling into ultrasafe Treasury bonds….”

Tuesday 23 June.  “U.S. stocks advanced Monday…lifted by gains in health-care and financial shares as well as optimism that Greece will eventually reach a bailout deal with its creditors.”

Wednesday 24 June.  “…stocks climb[ed]as Greece moved closer to a bailout deal with creditors.”

Today 25 June.  “U.S. stocks ended lower Wednesday, with the Dow Industrials posting their biggest one-day decline in nearly a month, as recent optimism about a bailout deal for Greece faded.”

Cynicism, of course, was invented in Greece, and today a cynic might wonder if headline writers were using Greece as a catch-all explanation for whatever had happened the day before.  Regardless of tomorrow’s news, we should keep three things in mind:

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