From what I can gather, the European response to the debt crisis has elicited a lot concern among observers - which of course stands in contrast to the Whoo-hoo cheers of the stock market on Monday.
Kid Dynamite argued that Europe is now making the same assumption that the United States made in 2008, that the market isn't behaving rationally and pricing assets appropriately.
"Why is it that when assets aren't priced as governments wish they were priced that it means the securities markets are malfunctioning?," the blogger asked.
In other words, he believes Greek debt isn't being mispriced by the market and speculators aren't driving prices down; instead, the crisis reflects genuine concern that Greece is insolvent - just like Fannie Mae and Freddie Mac.
"At least in the U.S. some people will want to prolong the farce of Fannie and Freddie under the guise of propping up housing prices," Kid Dynamite said. "Europe, however, is likely to fall into a sort of Tragedy of the Commons problem, where when the other nations see that they are paying for Greece's excesses, they aren't going to like it very much."
Paul Krugman at the New York Times is also skeptical. You can read his response here.