The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.NEW YORK ( TheStreet) -- The parallels shouldn't be lost on anyone. And they certainly weren't lost on the market Friday, with major indices down 2.6%. What happened?
- Greece fell yet one step further in the direction of default. Look at the one-year interest rate on Greek government debt, now at 100%. This means that the expectation of default within a one-year time-frame is essentially 100%.
- President Obama delivered the latest version of his class-warfare speech, in which he proposed some near-term gimmicks to run up the budget deficit even more.
- Cut the payroll tax.
- Increase government spending.
- Tax the job creators.