Posted on 08/02/2011 2:35:56 PM PDT by John W
I am so glad that bipartisanship has saved the financial markets from another calamity.
What would we do without all those geniuses in Washington, DC?
</sarc>
Greece in panic as it faces change of Homeric proportions
Fear is driving a silent bank run in Greece – but some see the government’s austerity plans as a chance to transform
http://www.guardian.co.uk/world/2011/aug/01/greece-panic-change
The clerk leans over: “I’ve been working in a bank for 31 years, and I’ve never seen a panic like this.”
Official figures back him up. In May alone, almost €5bn (£4.4bn) was pulled out of Greek deposits, as part of what analysts describe as a “silent bank run”. This version is also disorderly and jittery, just not as obvious. Customers do not form long queues outside branches, they simply squirrel out as much as they can. Some of that money will have been used to pay debts or supplement incomes, of course, but bankers put the sheer volume of withdrawals down to a general fear about the outlook for Greece, one that runs all the way from the humble rainy-day saver to the really big money.
One senior investment banker is more blunt: “People are scared that the government doesn’t know what the fu#$ it’s doing.” He tells a story about an acquaintance who took out €30,000, wrapped it in a bag and stashed it in his garage. “The bag had previously had some food inside,” he says. “So it attracted rats, who ate the notes.”
Bags of money in garages, frightened savers fleeing banks and even the country: these aren’t the sort of stories you associate with a comparatively-prosperous European country, but with a developing one facing a life-or-death economic crash. The fact that they are now emerging from Greece not only indicates the scale of financial distress, it suggests something else: Greece today looks like parts of Latin America in the worst moments of its financial crisis.
http://www.guardian.co.uk/world/2011/aug/01/greece-panic-change
26 Congressman? How about 26 Senators?
GOLD (GLD) is up.
VIX is up...basically every indicator that says this economy is FUBAR is UP.
0bamanomics = Swedish taxes on Ethiopian wages.
Believe me, government spending is squeezing out the private sector and our income tax system has become a huge impediment to the economy. Fix both and we'll have another Morning in America.
“Did any of the morons living in this nation happen to notice?”
The vast majority of the morons in this nation won’t “get it” until the street lights get turned off, and the neighbors start coming for their stuff.
Such is the power of 24/7 media propoganda.
I always know I've hit my target, though, because of the verbal shrapnel spray. It's become an electronic bloodsport for me to calmly push them into the corner with facts and watch them scream. I know for a fact that at least two libs in my circle are now starting to pay attention. Everything I predicted would happen to the various markets...has. It's making them sit up and take notice.
I'd rather have 'em to use than sell 'em. Also, BamBam's plan "under the radar" is to sign us onto the UN plan that will require all ammunition to be coded and registered along with knowing who has guns, how many, what kind, where they are as well as ammunition. This "plan" will also outlaw semi-automatic weapons. How's THAT for Second Amendment trashing?
You are right, you can back them into a corner because they have no answers...simply regurgitated kool-aid from the msm they swallow to somehow justify to themselves why they still support Obama.
In my workplace, all liberals, they refuse to talk about politics now for when we did they couldn't argue the facts at all...they had zip zero to counter with. So they fall back on ..”I don't’ want to talk politics”. In my opinion so many of them haven't a logical reason for why they voted for Obama or why they still support him.
Hi boatbums...where have you been?
I just saw recently Hillary clamoring she “welcomes” an International Ban on fire-arms. Of course she and Billy have been fulfilling their dreams of International Recognition since he left office and she stepped up to the plate....those two always have International Global asperations over and above any interest in the USA or it’s people.
A neat little report from the National Bureau of Economic Research entitled, "The Tipping Point," has been very useful in countering their claims of more spening. Definitely, download it and read it. We're already there (at the tipping point).
Another great tidbit to toss around, especially when they wax poetic about FDR's spending, is that total publicly held debt only equaled 2% of GDP, compared to the over 100% (now 16.8T versus a GDP of 13T) of today.
Finally, NBER reported that the debt from Social Security alone is $77 trillion in unfunded liabilities (more than the wealth of the entire world).
I usually end by reminding folks that the bad thing about taxing the rich is that eventually, you run out of other's people's money. Then what?
Great information I will surely use, well some of it as the other would likely go right over their heads. I doubt they know what GDP is!
I will download “Tipping Point”...thanks for the reference.
CW
Another great tidbit to toss around, especially when they wax poetic about FDR’s spending, is that total publicly held debt only equaled 2% of GDP, compared to the over 100% (now 16.8T versus a GDP of 13T) of today.
and in ten years it will be 21T versus a GDP of what?
Wait, wait, I thought the markets were just going to LOVE the higher debt limit and surge upwards????
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