Greece Continues to Flounder

Greece risks Mediterranean isolation, as government debt accumulates and international confidence weakens — especially now that Moody's Investors Service is reviewing a possible downgrade of its current Ba1 credit rating. With Greece's debt levels rising to 127 percent of GDP, Moody's noted that the "review will focus on the factors, namely nominal growth and fiscal consolidation, that will drive the country's debt dynamics over the next few years."

Translation: The leadership of Greece's near-bankrupt country had better tighten the financial ropes and cease government handouts and trivial spending projects.

Greece now understands the stupidity of forfeiting their monetary sovereignty over to Germany, France, and Belgium. And there are leftist idiots in this country demanding that we do the same. As Santayana once said, those who ignore history are doomed to repeat it.

I wonder how many Greeks will realize that ...

1. Government spending is bad not good for the economy

2. Spending more than you have is not a stimulus

Socialism eventually you run out of other people’s money.

THe street citizens know their gov is corrupt. On the news in the man on the street interviews, the people say “get the money back from the politicians who stole it.” Not thinking their cushy gov pension makes them equally guilty.

seriously 3000 workers for 10 trains?

Once you turn the Socialist corner, your population becomes “Entitlement Dependent” and people no longer want to work or work hard. Once the mass turns the corner, they start to believe that

1. Government spending is good not bad for the economy

2. Spending more than you have is the way to grow

We have young people who are so brainwashed/stupid that they believe that money DOES grow on trees and government will protect them.

So, Greece is beyond hope as is much of Europe.

Watch what we do with Fannie and Freddie. NOTHING! The population is so scared that the housing market will collapse FURTHER that they would riot if we got rid of Fannie and Freddie. Almost every proposal has the dreaded “guarantee” which only guarantees more CRA loans, high risk political loans (LaRaza, NACA, CRL, etc).

WE have turned the corner and I doubt if the Republicans can slow it down much. If we can’t do something with the blatantly corrupt and dangerous FHA, Fannie and Freddie, then nothing can be done in general.

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