Thank you Greece for Smashing the Markets
“It is hard to imagine a more stupid or more dangerous way of making decisions than by putting those decisions in the hands of people who pay no price for being wrong.”
Thomas Sowell
The Dow Jones closed inside the 10,000 mark after taking a drastic hit this week, falling 400 points. We can thank those wonderful rioting olive-pickers: the Greeks, who rarely work and retire early in their fabulous cradle-to-grave welfare state, living above their means under excessive government spending and borrowing. Greece created their massive deficits that climbed 113% over their GDP and its Greece’s failure that caused world markets to fall. But socialist Greece will receive a trillion dollar bail-out for its bad behavior rather than letting the country, and its banks, fail and learn a lesson: socialism does not work.
America is already in debt for government spending and lending, now we are being dragged into the Greek fray: America is helping bail out Greece with $40 billion dollars from Obama while he hikes taxes and government spending in the U.S.
Why should America pay for lazy socialists who vacation most of the year while receiving enormous pensions for rarely working?
What happens if Greece defaults on the loan—most countries do; what are the consequences for the EU and American economies? World banks will take enormous hits, proving bailouts don’t work and politicians failed Economics 101: “there’s no such thing as a free lunch.”
Greece’s actions are rippling across the globe, affecting the U.S. drastically. Bailing out Greece does not save them or lower their deficit, it sends the wrong message: if you wreck your economy, your government fails, and you practice bad politics, don’t worry, you’ll be rewarded with an expensive time-out. And someone else will pay for it.
Greece is not America’s problem, they belong to the EU, let the EU bail them out and suffer the consequences, we have enough problems of our own with having to fund the coffers of career-vacationing socialists who hate America.
Lisa Richards Copyright©™ May 21, 2010 All Rights Reserved
Great job, you hit on every key point about the mess in Greece and its malignancy across the world. I publish much on the Greece crisis (under Economics Made Easy), including its parallels to the USA, Obama’s conniving in getting us to pay for Greek socialism (puts a smile on his face no doubt), and the threat to banks in Germany and now in other parts of the world (glad you mentioned that in your essay). The whole thing is rotten. But it’s another brick in the wall of the Obama nightmare we are in the midst of.