Is the US going to become the next Greek Tragedy ask many? No, probably not, as the FED can always print their way out of any crisis.
Still, where does that leave the rest of all of us? The US taxpayer does not owe the interest on debt philosophically speaking, they had nothing to do with the nonsense of Wall Street, or the politicians spending money with corporations for government contracts, in order to collect campaign contributions from those very companies.
And a FED who gives the government more rope to hang itself, should make such a risk at its own expense, not the US Taxpayer.
Think on that for a minute, while I digress to a serious of inter-related topics I'd like to discuss, and since this is MY Keyboard, you listen while I type.
You see, I am FED UP, and cannot believe no one else refuses to speak out, well except for some 10 million tea partiers I guess? So, let's talk, and this isn't the whole story, just more to think on.
"Evidence please," you ask? Okay fine; There was an interesting article Wall Street Journal Article on July 10, 2010 by Christopher Rhoads entitled; "The Submarine Deals that Helped Sink Greece," which talks about the massive military spending build up which Greece engaged in borrowing billions of dollars to by arms.
Rhoads discusses the helicopter deals, jet fighter deals, and to his article I'd like to add the promise of the A400M purchases, etc.
Interestingly enough, as part of the bailout to Greece, the EU allowed these deals to go on.
Ouch! Remember when Greece also purchased some F-16 aircraft from US companies, over a billion dollars worth.
Not only was Greece spending on entitlement programs, runaway pension obligations, and allowing corruption which permeated all aspects of their economy from tax dodgers to bribes from business owners in cahoots with the government, they also made a deal to hide their debt and borrow more.
In another interesting article in the Financial Times; "Europe in Need of Corporate Debt Reform," I found it interesting that governments still don't get it, pointing fingers at companies isn't going to get them very far, they need to concentrate on austerity measures of their own.
Still, these governments complain about CDOs, and yet, they too participated in the frenzy to hide their own financial fiasco.
All this reminds me of the Mike Milken days, Savings and Loan Crisis, Dot Com bubble, Enron, Mr.
Ponzi Scheme Madoff, and the alternative energy bubble that the Obama Administration is busy building.
And those in China need not point fingers at the West, they too have problems as they take their banks public, to cover all the bad loans they are hiding now.
You see, Greece can try to unwind those bad bank deals, and yet the real problem is bad management, not the deals they chose later to hide all that nonsense.
All this hoopla about EU bank stress tests is laughable, especially considering the lack of transparency - I mean no one is allowed to look at the tests.
The Chinese are also trying this same trick, again no one knows, and the government's PR lock on the media, ensures us that everything is Peachy King, as if this is the Peachy Dynasty.
Oh, and no we are no better in the US, we see Goldman settles with the SEC, and both Citi and Bank of America admit to hiding bad loans.
We also learned after Lehman Brothers was denied bailout funds that they too had pulled an Enron, Arthur Anderson style.
Basically, here is the deal, these folks are treating money like it is water, like it's free, and maybe for them it has been.
Still, when the Obama Administration tells us that their new Financial Oversight Bill will save us from all this in the future; well, who on Earth do they think they are kidding, have you seen the lobbyist spending figures from the banking and investment banking sector, who do you think wrote those 3000 plus pages anyway? Well, I guess my fingers are tired of typing and I need to put some more Code Red Mountain Dew in this glass with only ice cubes left, but you get the point.
Please consider all this, and please turn your mind back on will you?
Still, where does that leave the rest of all of us? The US taxpayer does not owe the interest on debt philosophically speaking, they had nothing to do with the nonsense of Wall Street, or the politicians spending money with corporations for government contracts, in order to collect campaign contributions from those very companies.
And a FED who gives the government more rope to hang itself, should make such a risk at its own expense, not the US Taxpayer.
Think on that for a minute, while I digress to a serious of inter-related topics I'd like to discuss, and since this is MY Keyboard, you listen while I type.
You see, I am FED UP, and cannot believe no one else refuses to speak out, well except for some 10 million tea partiers I guess? So, let's talk, and this isn't the whole story, just more to think on.
"Evidence please," you ask? Okay fine; There was an interesting article Wall Street Journal Article on July 10, 2010 by Christopher Rhoads entitled; "The Submarine Deals that Helped Sink Greece," which talks about the massive military spending build up which Greece engaged in borrowing billions of dollars to by arms.
Rhoads discusses the helicopter deals, jet fighter deals, and to his article I'd like to add the promise of the A400M purchases, etc.
Interestingly enough, as part of the bailout to Greece, the EU allowed these deals to go on.
Ouch! Remember when Greece also purchased some F-16 aircraft from US companies, over a billion dollars worth.
Not only was Greece spending on entitlement programs, runaway pension obligations, and allowing corruption which permeated all aspects of their economy from tax dodgers to bribes from business owners in cahoots with the government, they also made a deal to hide their debt and borrow more.
In another interesting article in the Financial Times; "Europe in Need of Corporate Debt Reform," I found it interesting that governments still don't get it, pointing fingers at companies isn't going to get them very far, they need to concentrate on austerity measures of their own.
Still, these governments complain about CDOs, and yet, they too participated in the frenzy to hide their own financial fiasco.
All this reminds me of the Mike Milken days, Savings and Loan Crisis, Dot Com bubble, Enron, Mr.
Ponzi Scheme Madoff, and the alternative energy bubble that the Obama Administration is busy building.
And those in China need not point fingers at the West, they too have problems as they take their banks public, to cover all the bad loans they are hiding now.
You see, Greece can try to unwind those bad bank deals, and yet the real problem is bad management, not the deals they chose later to hide all that nonsense.
All this hoopla about EU bank stress tests is laughable, especially considering the lack of transparency - I mean no one is allowed to look at the tests.
The Chinese are also trying this same trick, again no one knows, and the government's PR lock on the media, ensures us that everything is Peachy King, as if this is the Peachy Dynasty.
Oh, and no we are no better in the US, we see Goldman settles with the SEC, and both Citi and Bank of America admit to hiding bad loans.
We also learned after Lehman Brothers was denied bailout funds that they too had pulled an Enron, Arthur Anderson style.
Basically, here is the deal, these folks are treating money like it is water, like it's free, and maybe for them it has been.
Still, when the Obama Administration tells us that their new Financial Oversight Bill will save us from all this in the future; well, who on Earth do they think they are kidding, have you seen the lobbyist spending figures from the banking and investment banking sector, who do you think wrote those 3000 plus pages anyway? Well, I guess my fingers are tired of typing and I need to put some more Code Red Mountain Dew in this glass with only ice cubes left, but you get the point.
Please consider all this, and please turn your mind back on will you?