US Action News

“A growing level of federal debt would also increase the probability of a sudden fiscal crisis, during which investors would lose confidence in the government’s ability to manage its budget, and the government would thereby lose its ability to borrow at affordable rates.” -CBO July 27 report

How can we continue to spend almost $5 BILLION per DAY when there is no money and the continued spending WILL crash our economy?

Runaway Debt: Watching Greece and now Portugal verge on financial default due to fiscal profligacy should send a chill up every American’s spine. This is our fate, too, if we don’t change course — and soon. “America is on a path to become a European-style welfare state.”

The total amount of debt issued by public and private sector institutions in Greece, Portugal and Spain that is held by financial institutions outside these three countries is roughly €2,000bn ( $2.5 TRILLION dollars ). This is a staggeringly large figure, equivalent to about 22 per cent of the eurozone’s gross domestic product. It is far higher than previous published estimates. It indicates that, if a Greek or Portuguese or Spanish debt default were allowed to take place, the global financial system could suffer terrible damage. Putting it bluntly, Greece partied for too long and has almost certainly left it too late to deal with the hangover.

Greece is a country in crisis and America will be soon. Both countries are flirting with fiscal ruin because of reckless government spending.

Imogen Lloyd Webber vs Ann Coulter on Greek bank bailouts and the financial ‘reform’ bill.

As the market slides into correction territory, Roubini said weakness in euro zone countries and a slowdown in the US and other developed countries will make things even more difficult for investors in the months ahead.

The arrogance to this approach to governing is truly astounding. McConnell on financial reform bill.

Much of Greece is expected to grind to a halt, with the country’s trade unions staging another 24-hour general strike against planned austerity measures. There are fears of renewed violence after protests in Athens two weeks ago led to the deaths of three people.

In a story about Greece getting the first 20 billion of its bailout money, the BBC reveals that a Deputy Tourism Minister Angela Gerekou was dismissed for unpaid taxes. Guess they don’t buy those Geitner excuses over there.