Greece Rioting--Dow Plunges 1000 points in less than 20 minutes--Videos of riots here

Discussion in 'Stock Market' started by oreo, May 7, 2010.

  1. oreo
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    oreo Gold Member Supporting Member

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    The proof is in the pudding---massive government spending and entitlements has caused Greece to collapse. In the below videos we see citizens rioting in the streets--because the government is cutting back on their entitlements--pension pay--and about everything else. Greece--being a nanny state--with entitlements for everyone--that they can no longer afford to pay. Currently--they are trying to borrow 108 BILLION--from other countries in Europe just to make payments. Debt to GDP ratio in Greece is 110%.

    Sound familiar? Currently our own CBO states that our debt is unsustainable--we have recently added an entitlement for health care--social security for the 1st time ever will be in red ink this year--and we already know that medicare/medicade is in red ink.

    So will Americans grab themselves by the bootstraps and say NO MORE--or do we end up like Greece? Is this generation going to be remembered as the ZERO generation--breaking our kids and grandkids piggy banks to pay for all of our entitlements--or are we going to stand up and take in the chin--to save our future generations from massive unsustainable debt--and insuring that they do not have the same opportunities for success as we have had.

    That's the multi-Trillion dollar question.

    All the vides of rioting below:

    Greece Riots as Seen on Twitter, YouTube
     
  2. Terry
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    Terry Shut the $%$ Up!

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    Well wait until those police stop getting paid then the riots will really heat up.
     
  3. Flopper
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    Flopper Gold Member

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    It is not realistic to use the Greek economy to forecast the future of the US economy.
    Just for starters, the Greek economy is 1/30 the size of US economy.
    The forecast for Greece's GDP growth in 2010 is -2.5% compared to +3% in US.
    The Greek debt to GDP ratio is twice the US.

    The world continues to see the US as bastion of safety in a financial crisis. This week the demand for US treasuries surged due to the Greek crises. When the world financial crisis hit in 2008 the demand was so great for treasuries from both home and abroad the interest rate fell to zero. This certainly does not indicate a lack of faith in US government or our economy.
     
  4. alkin
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    alkin Rookie

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  5. Granny
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    Granny Gold Member

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    The economic comparison between Greece and the US is not being made - the issue is the way Greece has governed. Once again, socialism does not work - the well eventually runs dry.
     

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