Greece tells banking cartel STICK IT

[Grizz]

Greece voted down the knife that international banks had to their throat.

The Greeks are looking at tough times no matter how they voted, so the birthplace of Democracy kicked the fascist international banks in the face and they've said in one loud voice you aren't going to turn us into slaves.
Now those very banks will be FORCED to negotiate a more equitable settlement and payment package because they have no choice

For Europe to even put the oldest democracy in such jeopardy, while insane entities like Isis watch, is beyond unforgivable. You can't squeeze blood from an orange. No matter what, the various financial institutions HAVE to work out a deal with the Greeks.

I applaud the Greeks for standing their ground. They will climb out of this financial disaster, like America has had to climb out of the Bush/Republican financial disaster handed to it in 2008, and come out whole.

What they did today was give notice that you 'don't f#$k with democracy'.

^^^ What an incredibly ignorant post. ^^^

First off, the Greek Government conspired to join the EU. They never should have done it in the first place. But they used debt to cover their tax receipts to spending gap. Even without paying any interest payment at all, they would still be running a deficit. This is the problem that Mob Rule Democracy creates - redistribution of income combined with a moribund economy. Greek's current debt to GDP ratio is 177%.

The U.S. is heading towards a much bigger Greek-style meltdown. Under Obama's rule, our debt has exploded. That is hardly climbing out of the BIPARTISAN 2008 financial crisis. We just mortgaged the future for a temporary respite.

And what does the Greek decision mean for the Greeks who voted for it: worse austerity as they can no longer borrow money to make up for the lack of tax receipts. IF they reform their government to reduce spending, they'll be better off - but that is a Big IF.

One other consideration: What do they do for MONEY without the Euro?

I said in the original post, Greece has tough times ahead no matter how they voted. That is a given. They will have to get their financial house in order and they will.

And I agree the U.S. needs to get our debt paid down and balance the budget EVERY YEAR. And please, it isn't 'Obama', he was handed a 1.4 trillion dollar yearly deficit by Bush and that has been dropping every year since. This year the deficit will be 480 billion, 1 trillion dollars less than when Obama took office. Leave the partisan hackery out.

There should be a Constitutional amendment so Congress can never borrow so much.

But a sovereign nation is never going to allow someone to hold a knife to its throat and tell them what to do, unless the knife is a bayonet at the end of a rifle.

Greece and the rest of Europe will have to get this figured out, and they will. If they don't, if the Eurozone kicks Greece out then likely the Eurozone and the Euro will also slowly fall apart. And as I noted in earlier posts the bad players around the world see how western democracies treat each other at such times. It DOES matter.

Correction, a "bail in".

There are no free rides kid.

 

[bripat9643]

How is Greece going to force the banks to lend it more money? I hope the banks aren't foolish enough to do it.

Sent from my SM-N910V using Tapatalk

They appear to be hoping to shame people into loaning them money, holding their people for ransom.

It's a high-risk, lousy investment, and everyone knows it, that's why they want Greece on its own.

.

I heard the plan was they will simply confiscate money in people's bank accounts, calling it a "bail in".
Gov't will always go where the money is. Same reason people rob banks.

I don't know how the hell they sell THAT to their people.

Maybe some kind of "us against them" rallying cry, who knows.

.

Its pretty simple: If they dont do this then all those pension checks and welfare benefits wont get paid. Since those without bank accounts outnumber those with bank accounts, who will get the short end here?

Greece will issue pension and wage IOUs in lieu of Euros (which they don't have) but they won't be worth the paper they'll be printed on.
Then the REAL austerity sets in.

When the retirees stop getting their government checks, they'll learn the meaning of national bankruptcy. Libturds need to pay close attention.

 

[sealybobo]

Greece voted down the knife that international banks had to their throat.

The Greeks are looking at tough times no matter how they voted, so the birthplace of Democracy kicked the fascist international banks in the face and they've said in one loud voice you aren't going to turn us into slaves.
Now those very banks will be FORCED to negotiate a more equitable settlement and payment package because they have no choice

For Europe to even put the oldest democracy in such jeopardy, while insane entities like Isis watch, is beyond unforgivable. You can't squeeze blood from an orange. No matter what, the various financial institutions HAVE to work out a deal with the Greeks.

I applaud the Greeks for standing their ground. They will climb out of this financial disaster, like America has had to climb out of the Bush/Republican financial disaster handed to it in 2008, and come out whole.

What they did today was give notice that you 'don't f#$k with democracy'.

Remember the debt ceiling hostage and they scared us into thinking if we didn't give them what they wanted the economy would collapse? Same thing they're doing in Greece right now. Remember Detroit went bankrupt? It was a test case for the rich and powerful to see if they could get away with doing it Detroit next Hartford or your any day American city could be next. Why? How? Because they have already gotten away with it and will again. Most people don't even realize the 2007 TARP bailout was a bank robbery nothing more or less

Total investment by TARP 426 billion, total paid back 441 billion.

The tax payers made money on the bailout.

Thank you, President Bush!

Yes I agree, this is one thing Bush and Obama can both be congratulated on. TARP was needed at that moment, even though it appeared quite painful.

No. It really wasn't needed. That was the lie.

I wish somebody would put together a well done documentary on all the things that happened between 2000 al gore supreme court justice decision 911 the recessions the tarp stimulus tax breaks jobs going overseas wars etc. because it does seem like a lot of people have forgotten all the s*** we went through. But why bother. Republicans won't respect anything they see they'll just call the producer another Michael Moore. And most normal people aren't really interested in politics. We see that in the poll numbers

 

[saintmichaeldefendthem]

Remember the debt ceiling hostage and they scared us into thinking if we didn't give them what they wanted the economy would collapse? Same thing they're doing in Greece right now. Remember Detroit went bankrupt? It was a test case for the rich and powerful to see if they could get away with doing it Detroit next Hartford or your any day American city could be next. Why? How? Because they have already gotten away with it and will again. Most people don't even realize the 2007 TARP bailout was a bank robbery nothing more or less

Total investment by TARP 426 billion, total paid back 441 billion.

The tax payers made money on the bailout.

Thank you, President Bush!

Yes I agree, this is one thing Bush and Obama can both be congratulated on. TARP was needed at that moment, even though it appeared quite painful.

No. It really wasn't needed. That was the lie.

I wish somebody would put together a well done documentary all the things that happened between 2000 al gore springs court justice 911 3 sessions the tarp stimulus text size wars etc. because it does seem like a lot of people have forgotten all the s*** we went through. But why bother. Republicans won't respect anything they see so just call the producer another Michael Moore. And most normal people aren't reallu interested in politics. We see that in the poll numbers

Both parties screwed us over.

 

[sealybobo]

Total investment by TARP 426 billion, total paid back 441 billion.

The tax payers made money on the bailout.

Thank you, President Bush!

Yes I agree, this is one thing Bush and Obama can both be congratulated on. TARP was needed at that moment, even though it appeared quite painful.

No. It really wasn't needed. That was the lie.

I wish somebody would put together a well done documentary all the things that happened between 2000 al gore springs court justice 911 3 sessions the tarp stimulus text size wars etc. because it does seem like a lot of people have forgotten all the s*** we went through. But why bother. Republicans won't respect anything they see so just call the producer another Michael Moore. And most normal people aren't reallu interested in politics. We see that in the poll numbers

You seem to forget both parties screwed us over by making us bail out banks and other industries. Stop with the hackery already.

That would be like pretending not to know who's at fault for this.

Maybe if for once you Republicans were honest but I have never heard a Republican admit bush and the GOP caused the recession I've heard Republicans say it's the Democrats fault and I've heard people like you try to give everybody a little bit of peace of the blame f*** that.

 

[Shrimpbox]

Ya gotta love it. The thread starts with the Greek situation and somehow we get to its all bush's fault. There is no connection between the two but you can't debate ignorant partisans. Speaking of ignorant partisans the op is exhibit A of an extreme partisan who is fully ignorant of economics. Did you know that the Greek govt created two extra months for the year so that they could get around pay ceilings. Everyone in Greece does not pay their fair share in taxes. I guess the U.S. Is the only country where that mantra is important. The Greek govt is actually stealing money from other Europeans to live high on the hog. You can lead a liberal to the truth, but you can't make them drink. Any way, a small sample of corruption that our rabid lefties will not read. I love your yogurt Greece, but you made this bed and now you have to sleep in it.

The Big Fat Greek Gravy Train A special investigation into the EU-funded culture of greed tax evasion and scandalous waste Daily Mail Online

 

[sealybobo]

Ya gotta love it. The thread starts with the Greek situation and somehow we get to its all bush's fault. There is no connection between the two but you can't debate ignorant partisans. Speaking of ignorant partisans the op is exhibit A of an extreme partisan who is fully ignorant of economics. Did you know that the Greek govt created two extra months for the year so that they could get around pay ceilings. Everyone in Greece does not pay their fair share in taxes. I guess the U.S. Is the only country where that mantra is important. The Greek govt is actually stealing money from other Europeans to live high on the hog. You can lead a liberal to the truth, but you can't make them drink. Any way, a small sample of corruption that our rabid lefties will not read. I love your yogurt Greece, but you made this bed and now you have to sleep in it.

The Big Fat Greek Gravy Train A special investigation into the EU-funded culture of greed tax evasion and scandalous waste Daily Mail Online

Much richer and educated people closer to the situation admit both sides are right.

I agree. Only conservatives refuse to ever admit fucking maybe their policies have something to do with it.

I say the rich are more wrong. But of course they and you think the tax burden should be shifted more onto us. Not only that you think we should get less for our taxes. God damn fool

 

[sealybobo]

Ya gotta love it. The thread starts with the Greek situation and somehow we get to its all bush's fault. There is no connection between the two but you can't debate ignorant partisans. Speaking of ignorant partisans the op is exhibit A of an extreme partisan who is fully ignorant of economics. Did you know that the Greek govt created two extra months for the year so that they could get around pay ceilings. Everyone in Greece does not pay their fair share in taxes. I guess the U.S. Is the only country where that mantra is important. The Greek govt is actually stealing money from other Europeans to live high on the hog. You can lead a liberal to the truth, but you can't make them drink. Any way, a small sample of corruption that our rabid lefties will not read. I love your yogurt Greece, but you made this bed and now you have to sleep in it.

The Big Fat Greek Gravy Train A special investigation into the EU-funded culture of greed tax evasion and scandalous waste Daily Mail Online

If you make less than $400k a year basically you think you should pay more so people that make over can pay less.

And you say you know how to pay off the debt?

 

[BlackBart]

Greece voted down the knife that international banks had to their throat.

The Greeks are looking at tough times no matter how they voted, so the birthplace of Democracy kicked the fascist international banks in the face and they've said in one loud voice you aren't going to turn us into slaves.
Now those very banks will be FORCED to negotiate a more equitable settlement and payment package because they have no choice

For Europe to even put the oldest democracy in such jeopardy, while insane entities like Isis watch, is beyond unforgivable. You can't squeeze blood from an orange. No matter what, the various financial institutions HAVE to work out a deal with the Greeks.

I applaud the Greeks for standing their ground. They will climb out of this financial disaster, like America has had to climb out of the Bush/Republican financial disaster handed to it in 2008, and come out whole.

What they did today was give notice that you 'don't f#$k with democracy'.

So soon they starve......oh well, thank the union scum.

 

[Synthaholic]

Other than the stimulus, which was 1/3 tax cuts, he hasn't spent anything - the GOP House won't let him.

Strike 3, dope - you're out!

You don't understand how government works. You realize that Congress writes legislation, and the President signs bills written by Congress into law?

Correct. What legislation has the GOP House, under Boehner, written to raise revenue toward paying off the debt?

They've had since 2011.

They have written continuing resolutions, which the president has signed into law. So to say the President "hasn't spent anything", is patently false.

Are you talking about bills to fund the people's government?

Or are you talking about big money Obama projects that cost trillions? Because there aren't any of those.

Continuing Resolutions to fund the government cost trillions, and Obama signs them.

Seven and half trillion dollars in debt since he entered office is a "big money project".

Funding the government isn't what got us to $17 trillion.

And don't expect me to explain it all to you. That's been done enough, with factual links to back them up.

Use own damn Google to find out how much the unpaid-for tax cuts cost, the unpaid-for war in Iraq cost, the unpaid-for war in Afghanistan cost, the unpaid-for Medicare D cost, and the unpaid-for 2002 stimulus cost.

 

[Synthaholic]

So which European banks put a knife to the throats of the Greeks to borrow so much?

In reality, the bankers were putting the knife to their own throats.

 

[Synthaholic]

So who do you think is going to get screwed if Greece defaults? Tax payers. Not the banks. Not the wealthy. Not the rich. Not "cartels". Not the 'multi-national corporations'.

No, the banks who made the ill-advised loans.

 

[Synthaholic]

The left-wing always pulls out the biggest sword, swings it as hard as it can, only to slice off their own head. Greece is the latest victim of socialist suicide.

In 2008 was the US the latest victim of capitalist suicide?

 

[bripat9643]

Greece's debt, and Italy's debt, and Portugal's deb, and Spain's debt, and France's debt came from...YOU GUYS!

You hacked off a piece of your monthly income, tossed it at your 401k manager and told him to build you a nest egg. "And you better get me 12 percent ROI, or else!"

Well, in a ZIRP world, there is only one way to make 12 percent interest. Hell, there's only one way to make 4 percent interest.

By lending money to sub-prime borrowers. Like Greece. And Portugal. And Spain. And France.

So it's our fault that Greece borrowed more than it could pay off? Seriously?

 

[Toro]

Greece voted down the knife that international banks had to their throat.

The Greeks are looking at tough times no matter how they voted, so the birthplace of Democracy kicked the fascist international banks in the face and they've said in one loud voice you aren't going to turn us into slaves.
Now those very banks will be FORCED to negotiate a more equitable settlement and payment package because they have no choice

For Europe to even put the oldest democracy in such jeopardy, while insane entities like Isis watch, is beyond unforgivable. You can't squeeze blood from an orange. No matter what, the various financial institutions HAVE to work out a deal with the Greeks.

I applaud the Greeks for standing their ground. They will climb out of this financial disaster, like America has had to climb out of the Bush/Republican financial disaster handed to it in 2008, and come out whole.

What they did today was give notice that you 'don't f#$k with democracy'.

How is Greece going to force the banks to lend it more money? I hope the banks aren't foolish enough to do it.

Sent from my SM-N910V using Tapatalk

They appear to be hoping to shame people into loaning them money, holding their people for ransom.

It's a high-risk, lousy investment, and everyone knows it, that's why they want Greece on its own.

.

I heard the plan was they will simply confiscate money in people's bank accounts, calling it a "bail in".
Gov't will always go where the money is. Same reason people rob banks.

It's a legitimate way to restructure a bank. Deposits are a liability of the bank. A bust bank has to restructure its liabilities. That can include deposits. Before FDIC, banks did that all the time in America.

Wrong. Before FDIC, banks that couldn't pay off their depositors closed their doors.

Sent from my SM-N910V using Tapatalk

Banks that couldn't pay off their depositors in full either were shut down, borrowed from other banks or called capital from their shareholders to meet their claims, or were sold. If the bank was shut down, all liabilities were paid off based on the assets of a bank, just like any other bankrupt business. Deposits are liabilities of the bank, and depositors have claims on the bank. So when a bank was insolvent, the assets were liquidated and claims holders, including depositors, were paid back at less than par.

 

[Toro]

Too big to fail my f****** ass. Greek wallstreet shipping giants and bankers. Divide and conquer. First Greece actually before Greece it was France and the middle East and Detroit and Puerto Rico. The bankers are getting what they want. The rich are winning this war. Meanwhile they tell us no war is being waged. Worse they claim its us waging war on them. A war we are losing.

I may be a lot more optimistic this year then I was in years past but I am certainly not going back to the Republican Party. haven't been there since Reagan and that was his first term

The bankers aren't getting what they want with Greece, Detroit, Puerto Rico, etc. Banks want to get paid back and earn interest. Those jurisdictions aren't paying them back.

 

[Linkiloo]

Greece voted down the knife that international banks had to their throat.

The Greeks are looking at tough times no matter how they voted, so the birthplace of Democracy kicked the fascist international banks in the face and they've said in one loud voice you aren't going to turn us into slaves.
Now those very banks will be FORCED to negotiate a more equitable settlement and payment package because they have no choice

For Europe to even put the oldest democracy in such jeopardy, while insane entities like Isis watch, is beyond unforgivable. You can't squeeze blood from an orange. No matter what, the various financial institutions HAVE to work out a deal with the Greeks.

I applaud the Greeks for standing their ground. They will climb out of this financial disaster, like America has had to climb out of the Bush/Republican financial disaster handed to it in 2008, and come out whole.

What they did today was give notice that you 'don't f#$k with democracy'.

^^^ What an incredibly ignorant post. ^^^

First off, the Greek Government conspired to join the EU. They never should have done it in the first place. But they used debt to cover their tax receipts to spending gap. Even without paying any interest payment at all, they would still be running a deficit. This is the problem that Mob Rule Democracy creates - redistribution of income combined with a moribund economy. Greek's current debt to GDP ratio is 177%.

The U.S. is heading towards a much bigger Greek-style meltdown. Under Obama's rule, our debt has exploded. That is hardly climbing out of the BIPARTISAN 2008 financial crisis. We just mortgaged the future for a temporary respite.

And what does the Greek decision mean for the Greeks who voted for it: worse austerity as they can no longer borrow money to make up for the lack of tax receipts. IF they reform their government to reduce spending, they'll be better off - but that is a Big IF.

One other consideration: What do they do for MONEY without the Euro?

I said in the original post, Greece has tough times ahead no matter how they voted. That is a given. They will have to get their financial house in order and they will.

.

There should be a Constitutional amendment so Congress can never borrow so much.

But a sovereign nation is never going to allow someone to hold a knife to its throat and tell them what to do, unless the knife is a bayonet at the end of a rifle.

Greece and the rest of Europe will have to get this figured out, and they will. If they don't, if the Eurozone kicks Greece out then likely the Eurozone and the Euro will also slowly fall apart. And as I noted in earlier posts the bad players around the world see how western democracies treat each other at such times. It DOES matter.

I don't know how you realistically conclude that Greece will simply sort itself out, as if that were no problem at all. It won't. It needs to get out of a currency it cannot keep up with. No reason to claim that the Eurozone will fail because its tiny member did. In fact I think that squeezing the failures out will strengthen the Euro.

Western democracies owe each other zilch. Bad players as you call them can actually udnerstand that it makes no sense to throw good money after bad. I don't see Putin rushing in to save the Greeks, or China for that matter.

 

[Mac1958]

So it's our fault that Greece borrowed more than it could pay off? Seriously?

Don't be surprised to see this argument pop up.

Remember - all those American borrowers who took out loans they know they shouldn't have and defaulted on them - leading to our own Meltdown - were the "victims".

This argument could show itself any time now, it's all the banks' fault.

.

 

[Politico]

we owe 18 Trillion dollars!!

Thanks Dubya!

derp adds derp to the derp

That.

 

[bripat9643]

How is Greece going to force the banks to lend it more money? I hope the banks aren't foolish enough to do it.

Sent from my SM-N910V using Tapatalk

They appear to be hoping to shame people into loaning them money, holding their people for ransom.

It's a high-risk, lousy investment, and everyone knows it, that's why they want Greece on its own.

.

I heard the plan was they will simply confiscate money in people's bank accounts, calling it a "bail in".
Gov't will always go where the money is. Same reason people rob banks.

It's a legitimate way to restructure a bank. Deposits are a liability of the bank. A bust bank has to restructure its liabilities. That can include deposits. Before FDIC, banks did that all the time in America.

Wrong. Before FDIC, banks that couldn't pay off their depositors closed their doors.

Sent from my SM-N910V using Tapatalk

Banks that couldn't pay off their depositors in full either were shut down, borrowed from other banks or called capital from their shareholders to meet their claims, or were sold. If the bank was shut down, all liabilities were paid off based on the assets of a bank, just like any other bankrupt business. Deposits are liabilities of the bank, and depositors have claims on the bank. So when a bank was insolvent, the assets were liquidated and claims holders, including depositors, were paid back at less than par.

In other words, just what I said.