Monday, May 17, 2010

Greece is considering legal action

I was sitting outside watching my kids play in their sandbox and waiting for my husband to come home with our (probably soon to be illegal) breakfast of doughnuts, when I decided to check out Twitter. I couldn't believe my eyes when I saw a tweet proclaiming "Greece considering legal action against US banks." Unfortunately I can now not find that tweet, but I was able to google the story, which is here:

Greek Prime Minister George Papandreou declared he is not ruling out taking legal action against U.S. investment banks for their role in creating the spiraling Greek debt crisis.
What?! Is it just me or does this seem incredibly ballsy? "...Greece has [been]...running unsustainable budget deficits with lavish government spending on unions, early retirements, impossible labor laws, subsidizing failing businesses, Madoff-like accounting practices and socialized health care." (Read more: A Euro of living dangerously) According to this Wikipedia entry, "[t]he public sector accounts for about 40% of GDP." Where do the evil U.S. investment banks come in to this equation? Yeah, I don't see it, either.

A couple of paragraphs down in the same article:

The 2009 budget deficit stood at 13.6% of GDP. This, and rising debt levels (115% of GDP in 2009) led to rising borrowing costs, resulting in a severe economic crisis.[22] Greece falsified its financial data to try to cover up the extent of its massive budget deficit in the wake of the global financial crisis.[23]

I'm no economist, but it seems to me that if you continue to borrow money without making any new money to pay it back, you're going to eventually run into trouble. It's like trying to pay your Visa bill with your MasterCard. But what do I know? I'm just a dumb, conservative hillbilly.

Besides that assault on our taxpaying checkbooks, (because we all know who will ultimately be paying for that lawsuit, if it's brought) we are already on the hook for $40 billion to help bail Greece out of their predicament thanks to the IMF. We're already going down the same path as Greece, but, hey, what's $40 billion among friends? Ugh!

The only hope we have as a nation, if we want to avoid Greece's fate, is voting the lefties and the RINOs out of office and replacing them with politicians willing to support the Fair Tax. You knew I'd have to throw that in at some point, didn't you?


  1. This is beyond an outrage, but it's typical of leftie insanity. Socialism cannot work, it doesn't even work in those whacked out failed "communes" of the '60s--if you can't get it to work for 20 people, you damn sure can't get it to work for 20 million! But of course, every failed nation in the world, be they socialist, communist, and any variety of dictatorship, blame capitalism . .. while holding our their hand for the money that only capitalism makes. It's idiotic and insane.

    I honestly don't know how any thinking person can believe that socialism works. What on earth are they basing that on? Not history. Not logic. Just wishful thinking, I guess, and in the meantime, they perpetrate horrors on the people.

  2. If they admit it doesn't work, they're out of a job and lose all their power.