Comment Last Three
May 07, 2010
Greece has been spending money that they do not have and now "the chickens have come home to roost". Greece's economic problems are causing financial issues around the world. The U.S. and especially the Obama administration should look at the reality of socialism and the solutions of a free-market.
Greece's deepening debt crisis triggered a stock panic Thursday, with the Dow Jones Industrial Average plummeting by a record of nearly 1,000 points on fears that the crisis threatens the entire debt-burdened developed world as well as the global economic recovery.
The nearly 10 percent loss in major Wall Street indexes occurred in a breathtaking 15 minutes that made stock market history, but lasted for only seconds and was pared by about half within 20 minutes as buyers moved in to snap up battered stocks in nearly every sector at bargain prices.
At the end of a heart-stopping day, stock indexes from Tokyo to Frankfurt, Germany, had lost up to 4 percent of their value. Just in the past week, global indexes are down 10 percent or more as a result of escalating worries about the Greek debt crisis spreading through Europe and possibly even touching nations like the U.S. and Japan, which also have deeply entrenched debts.
In Washington, political leaders were taken by surprise at the grave reaction in U.S. markets to what had seemed to be remote developments on the other side of the world. Other countries are at rish of defaulting on their debt. The U.S. must get a grip on its debt or we will face the same situation.
The White House, Treasury and Federal Reserve were said to be "closely monitoring" the situation, while the Securities and Exchange Commission was investigating the possibility of trading errors or glitches. "The Greek financial crisis is upon us," said Sung Won Sohn, an economics professor at California State University at Channel Islands, noting that street protests by tens of thousands of Greek citizens turned violent even before Greece's parliament on Thursday approved deep spending cuts sought by the European Union in exchange for $145 billion in loans.
Television images of the intensifying street demonstrations in Greece appear to have been an immediate trigger of Thursday's sell-off on Wall Street. The people of Greece want the world to bail them out from their socialist economic ways.
"Rioting protesters in Athens are causing investors the world over to re-evaluate whether or not Greece will be able to deliver on its rather dramatic fiscal austerity program, given the level of civil unrest that is quickly spreading across the country," said Mark Frey, a regional director at Custom House foreign-exchange firm.
The U.S. tax payer should not be funding the IMF for this bailout. We do not want to pay for Greece's mismanagement of its finances. This is like I personally do not want to pay for CA's financial problems since it is their state legislature's fault and the voters who put elected officials in office who are not fiscal responsible.
March 12, 2009
The US Congress is destroying US jobs and creating debt for all American citizens for years to come with the Card Check, Protect the Unions legislation.
The Employee Free Choice Act (EFCA) does more than effectively eliminate workers' rights to a secret ballot vote on joining a union. Section 3 of EFCA gives government officials the power to impose contracts on workers and firms. Government bureaucrats would set compensation and make most major business decisions at newly unionized companies. The bureaucrats writing these proposals would have no expertise in the company's operations or business model and would be unaccountable if their decisions drove the company into bankruptcy. Workers would lose all say over working conditions. EFCA would effectively create government-run workplaces.
This legislation will effectively eliminate millions of jobs and stop companies from expanding their businesses. This will cause inflated prices for services and cost of goods. This will provide the political engine for the unions and will silence small business.
Mutual consent and good faith negotiating will be a thing of the past. Employers will be forced to accept unions when they do not want a union. A formal method of a secret ballot and individual rights will be eliminated. Our constitutional rights are challenged due to the pay-off to the unions for supporting the Democrat Party.
This government-imposed arbitration radically departs from the foundation of the collective bargaining process: the principle of mutual consent. In place of the agreement of both parties, government arbitrators would simply impose working conditions on both employers and employees, whether such conditions are workable or not.
Our federal government is imposing on our rights and will lead the US to socialism.