When even the good news is bad news

NY Post ^ | February 18, 2010 | John Crudele

[Scanian]

Is the stock market setting investors up for another 2007-style ambush, or worse?

Since you've been inundated lately with giddy talk from the folks on Wall Street and their dupes in the media, please excuse me if I take the other side of this issue (like I did in September 2007) and warn you that all isn't right.

Let's go through a short list of some of the problems. Greece is bankrupt. And, as they say at Disneyland, it really is a small world.

So even when the European Union reaches an agreement to bail out Athens, that won't stop the problem from spiraling down. In fact, it will probably make matters worse, since other EU countries will expect equal -- or even better -- treatment.

[HiTech RedNeck]

The GDP of Greece is about the same as that of the state of Virginia.

[Woebama]

Fed just raised rates yesterday; same day as “unexpectedly” high jobless claims were made again. We are already at the end of our financial rope — so much so that they are raising rates in the worst recession since the Great Depression.

Bad, bad, bad situation. I’m scared.

[Woebama]

The GDP of Greece is about the same as that of the state of Virginia.
____________________________________________________________

Which probably makes it one of the top 25 economies in the world. It’s not a joke when European nations start to go bankrupt imo.

[A.Hun]

It’s not a joke when European nations start to go bankrupt imo.

Soon to be followed by US states....not a joke either.

This article is right. It is all bad right now, and Obambi is clueless.

[ArrogantBustard]

The GDP of Greece is about the same as that of the state of Virginia.

I'm hoping that Gov. McDonnell's attempts at fiscal responsibility will improve that sad state of affairs.

[ArrogantBustard]

According to Wikipedia (Hah Hah), Greece is either 27th or 28th, in the same neighbourhood as Venezuela and Iran.

[prairiebreeze]

How did Goldman-Sachs help Greece hide the true depth of its indebtedness? Did they hold government bonds and use funny accounting?

[tiki]

I am too. Not terrified, I know I can survive but I think we’re in for tough times.

[Woebama]

I am so wise.

: P

[familyop]

"Since you've been inundated lately with giddy talk from the folks on Wall Street and their dupes in the media,..."

...and the government, along with its second most favored constituents, import interests (first favored constituents being government employees),...

[familyop]

I’m not afraid at all, BTW, and am looking forward to small government and better leadership after the big default.

[VegasCowboy]

They raised the rate on discount window borrowings. This is much different then raising the fed funds rate, and returns the spread between the discount window and the fed funds rate to the normal 0.50% that has been in place for as long as I can remember. The 0.25% spread we saw the last year or so was simply a reaction to the crisis.