Greece Collapsing Under Weight of Massive Welfare

[Clementine]

What happens when more people depend on government spending than the number who contribute? Well, you realize what happens when leftist politicians take you on an unsustainable course. Since you always run out of other peoples' money, the only end is that eventually you will collapse under your own weight.

Instead of making needed cuts in spending and making the necessary changes to recover, they will now have nothing.

I see no difference in the policies the Dems are embracing here. Are they wanting us to collapse or are they so ignorant that they think they can do the same thing that's been done before and have a different outcome for once?

Politics Under weight of massive welfare state Greece about to default on IMF loans Best of Cain

 

[The Rabbi]

Peole retiring at 60 and under. Massive government workers' unions. Free health care. Free college. Tight restrictions on business.
Greece is a Democrat's wet dream!

 

[Two Thumbs]

What happens when more people depend on government spending than the number who contribute? Well, you realize what happens when leftist politicians take you on an unsustainable course. Since you always run out of other peoples' money, the only end is that eventually you will collapse under your own weight.

Instead of making needed cuts in spending and making the necessary changes to recover, they will now have nothing.

I see no difference in the policies the Dems are embracing here. Are they wanting us to collapse or are they so ignorant that they think they can do the same thing that's been done before and have a different outcome for once?

Politics Under weight of massive welfare state Greece about to default on IMF loans Best of Cain

Greece will pull the EU down, possibly trigger a depression there, that will, more than likely come here.

since everyone saw it coming or was told it was coming, I have to assume this was the plan.

No party would intentionally crush it's own country unless that was the plan.

are we looking at a government take over?
the UN running everything?

I used to laugh at people that talked about the "new world order", now, not so much

 

[g5000]

Greek Debt Crisis: How Goldman Sachs Helped Greece to Mask its True Debt - SPIEGEL ONLINE

Wall St. Helped to Mask Debt Fueling Europe’s Crisis

 

[CrusaderFrank]

 

[g5000]

Wall Street greed and government largesse. A toxic cocktail.

 

[Clementine]

Wall Street greed and government largesse. A toxic cocktail.

Wall Street doesn't do a damn thing without approval from government. Hell, Wall Street gurus go back and forth from Washington to Wall Street, aided by both parties, and they create the rules they want to live by.

 

[g5000]

Wall Street doesn't do a damn thing without approval from government.

Now THAT is some funny shit right there.

Is this Opposite Day and nobody told me?

 

[Clementine]

Now THAT is some funny shit right there.

Is this Opposite Day and nobody told me?

No, it's not funny. Government would go after them if they weren't involved up to their eyebrows. Seriously, you think there is a difference between Washington and Wall Street?

 

[CrusaderFrank]

Greek Debt Crisis: How Goldman Sachs Helped Greece to Mask its True Debt - SPIEGEL ONLINE

Wall St. Helped to Mask Debt Fueling Europe’s Crisis

Like Napoleon and Hitler before them, the Masters in Maastricht will also fail to unite Europe under their banner

 

[CrusaderFrank]

Wall Street doesn't do a damn thing without approval from government.

Now THAT is some funny shit right there.

Is this Opposite Day and nobody told me?

Wait. You're saying the banks broke into the government offices and signed their names to the documents?

 

[Little-Acorn]

What happens when more people depend on government spending than the number who contribute? Well, you realize what happens when leftist politicians take you on an unsustainable course. Since you always run out of other peoples' money, the only end is that eventually you will collapse under your own weight.

Instead of making needed cuts in spending and making the necessary changes to recover, they will now have nothing.

I see no difference in the policies the Dems are embracing here. Are they wanting us to collapse or are they so ignorant that they think they can do the same thing that's been done before and have a different outcome for once?

Politics Under weight of massive welfare state Greece about to default on IMF loans Best of Cain

Greece will pull the EU down, possibly trigger a depression there, that will, more than likely come here.

since everyone saw it coming or was told it was coming, I have to assume this was the plan.

No party would intentionally crush it's own country unless that was the plan.

They weren't trying to crush their own country.

They were trying to buy votes. And they figured that a little more here and a little more there, wouldn't make much difference.

Just like here.

And they are getting the inevitable result.

Just like here.

 

[The Rabbi]

Wall Street greed and government largesse. A toxic cocktail.

Yeah Wall St Greed. Like no one else on Earth is greedy. And Wall St had fuck-all to do with Greece's shitty economy.

 

[g5000]

Wall Street doesn't do a damn thing without approval from government.

Now THAT is some funny shit right there.

Is this Opposite Day and nobody told me?

Wait. You're saying the banks broke into the government offices and signed their names to the documents?

The government could not get into debt without the middlemen channeling them the cash. Do you even understand how it all works?

Obviously not.

It's all about the fees.

The next thing you know, you retards will be saying the government FORCED the banks to make the loans! BWA-HA-HA-HA! Same old song and dance idiocy.

 

[g5000]

Just like with the housing bubble, the banks used derivatives to transfer risk from bad borrowers to rube lenders.

Exactly the same model. Exactly.

Without those tools, and the banks helping them, there is no way Greece could have possibly gotten its hands on all that money. They were a subprime borrower! They had shitty credit!

Figure it out, tards.

 

[hipeter924]

Government spending was an issue, mostly due to tax evasion, a bloated civil service, and under-handed deals.

But the major reason why Greece is in trouble is that it accepted loans it couldn't hope to repay, in order to bail out its financial sector and clear some of the toxic debt.

They should have defaulted in '09, but they fell head and sinker for the IMF/World Bank/ECB nonsense, and believed that they would recover if they agreed to and passed all the 'reforms' - which were really just a economic plan from the 1980s-1990s re-labelled 'new ideas'.

Eventually however they proved too unpopular for Greeks to stomach, so they elected a far-left government (though they could have just as easily elected a far-right one), which promised 'better terms' that realistically were impossible to get.

It is expected to be worse than it was for Argentina, should Greece default: http://www.nytimes.com/2015/06/26/business/an-echo-of-argentina-in-greek-debt-crisis.html

[...]And compared with Argentina, Greece is tiny, with a population of just over 11 million and gross domestic product of $242 billion in 2013. “Argentina is a resource-rich country that, if forced to, can live with its own resources,” Mr. Porzecanski said. “The economic viability of Greece on its own has never been tested” since 1981, when Greece joined the European Union.[...]Everyone pretty much agrees that, if Greece could devalue its currency, as did Argentina, its economy would benefit. But it was also relatively easy for Argentina to devalue the peso by severing its link to the United States dollar, a tie that was self-imposed. As Mr. Varoufakis put it, Greece doesn’t have a currency that’s pegged to the euro: “It has the euro.” The practical challenge of disseminating a new currency would be enormous. Moreover, Greek savings now denominated in euros (and, in many cases, deposited in European banks outside Greece) can’t be converted to drachmas, as the Argentines converted savings into pesos.[...]

 

[CrusaderFrank]

Wall Street doesn't do a damn thing without approval from government.

Now THAT is some funny shit right there.

Is this Opposite Day and nobody told me?

Wait. You're saying the banks broke into the government offices and signed their names to the documents?

The government could not get into debt without the middlemen channeling them the cash. Do you even understand how it all works?

Obviously not.

It's all about the fees.

The next thing you know, you retards will be saying the government FORCED the banks to make the loans! BWA-HA-HA-HA! Same old song and dance idiocy.

I'm sorry. You're telling us that the bank did what, coerced, blackmailed, forced, threatened, cajoled, what? What did these big banks do to FORCE these unsuspecting government to borrow?

Bank: We need fees, sigh here. Nevermind, we'll just sign for you

Country: Hmmkay

 

[The Rabbi]

Wall Street doesn't do a damn thing without approval from government.

Now THAT is some funny shit right there.

Is this Opposite Day and nobody told me?

Wait. You're saying the banks broke into the government offices and signed their names to the documents?

The government could not get into debt without the middlemen channeling them the cash. Do you even understand how it all works?

Obviously not.

It's all about the fees.

The next thing you know, you retards will be saying the government FORCED the banks to make the loans! BWA-HA-HA-HA! Same old song and dance idiocy.

Actually you're the one saying the banks forced the govenment to take the loans. Even more absurd.
The Greeks needed loans because their domestic policies sucked, creating stagnation and low levels of GDP growth, while increasing government spending on entitlements.
IOW, exactly what Obama has done here.

 

[CrusaderFrank]

Wall Street doesn't do a damn thing without approval from government.

Now THAT is some funny shit right there.

Is this Opposite Day and nobody told me?

Wait. You're saying the banks broke into the government offices and signed their names to the documents?

The government could not get into debt without the middlemen channeling them the cash. Do you even understand how it all works?

Obviously not.

It's all about the fees.

The next thing you know, you retards will be saying the government FORCED the banks to make the loans! BWA-HA-HA-HA! Same old song and dance idiocy.

Our government did force banks to make loans

Google: CRA

 

[g5000]

Wall Street doesn't do a damn thing without approval from government.

Now THAT is some funny shit right there.

Is this Opposite Day and nobody told me?

Wait. You're saying the banks broke into the government offices and signed their names to the documents?

The government could not get into debt without the middlemen channeling them the cash. Do you even understand how it all works?

Obviously not.

It's all about the fees.

The next thing you know, you retards will be saying the government FORCED the banks to make the loans! BWA-HA-HA-HA! Same old song and dance idiocy.

I'm sorry. You're telling us that the bank did what, coerced, blackmailed, forced, threatened, cajoled, what? What did these big banks do to FORCE these unsuspecting government to borrow?

Bank: We need fees, sigh here. Nevermind, we'll just sign for you

Country: Hmmkay

The banks did not force Greece to borrow. They FACILITATED Greece's borrowing. That's how banks make money, tard.

Greece was a shitty credit risk that wanted money. In normal circumstances, the world market would say to such a country, "Tough shit" and Greece would be unable to get its hands on the money.

But Goldman Sachs found a way for them. "Here", they said, "we will use the magic of derivatives to transfer risk from the shitty borrower to the rube lenders. It's been working wonders in the world housing market!"

Oopsie!

Same model. Same timeframe.