1 posted on
06/22/2011 8:55:09 AM PDT by
JohnRLott
To: JohnRLott
“According to Alan Greenspan, former Federal Reserve chairman, such a default has the “potential to push the U.S. into another recession,” as the problems for European banks would spill over to American banks.”
What the hell does he mean, another recession?
2 posted on
06/22/2011 9:01:41 AM PDT by
hans56
To: JohnRLott
Bernie Madoff needs to pay off his debts while he still has a chance.
3 posted on
06/22/2011 9:04:19 AM PDT by
ClearCase_guy
(The USSR spent itself into bankruptcy and collapsed -- and aren't we on the same path now?)
To: JohnRLott
Greece is the alcoholic asking for (cough, cough) help with his rent payment.
4 posted on
06/22/2011 9:20:53 AM PDT by
lurk
To: JohnRLott
the country will be literally on fire before the first payment goes out the door
To: JohnRLott
Greece's problems won't go away even if somehow they manage to stave off default on their debt. Decades of socialism and high taxation have crippled the Greek economy. Public employment accounts for 40% of the Greek GDP and the public sector does not grow the GDP as it produces no goods or services sold in a market, does not create new businesses or new jobs and lives off the taxation of those who do produce in the economy. Adding to the problem is that these public sector jobs have lavish benefits and high salaries due to the success of the public employee unions wielding their political power.
It is little wonder why a true trimming of the public sector budget has such opposition as it would mean that highly paid bureaucrats and government functionaries would have to either lose their jobs or take huge pay cuts. Greece will try to tax their way out of their debt crisis and only make things worse as private sector jobs and investment capital will flee the country.
6 posted on
06/22/2011 10:59:20 AM PDT by
The Great RJ
("The problem with socialism is that pretty soon you run out of other people's money" M. Thatcher)
To: JohnRLott
Greece isn’t going to pay!
7 posted on
06/22/2011 3:30:08 PM PDT by
fortheDeclaration
(When the wicked beareth rule, the people mourn (Pr.29:2))
To: JohnRLott
10 posted on
06/24/2011 5:57:26 AM PDT by
rhema
("Break the conventions; keep the commandments." -- G. K. Chesterton)
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