Edward Harrison (founder of Credit Writedowns) says a default would be good for the US if there's no contagion.
Quotes:
"bailout fund is not credible (the EFSF)"
"If there is a Greek default what will the impact be: creditors of Greece - primarily banks / Greek banks - insurance companies mostly throughout Europe especially France and Germany"
"Greece would actually have more fiscal space if they defaulted because they have to take on massive austerity to make ends meet. A default would mean less austerity."
"Can Obama Really Change the US economy with an Executive Order: What you really need to see is credit write downs - Really were sort of stuck here - there's no systemic solution the problem"
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