Greece's parliament passed its austerity plan. People were not so happy, but hell did not break loose either. Though the CNBC reporter decided to do her reporting while wearing safety gases and a gas mask, instead of, well, just going inside.
This Greece situation is a never ending saga. The politicians will continue to throw their verbal fictions and the police their tear gas canisters, and hopefully not stand downwind. The protesters were breaking up stairs and sidewalks because there is a shortage of common sense and stones. It was a typical hissy fit by the public. I understand why they are angry, but I don't understand the need to break into a store and steal a table lamp.
Let's move on to something new, a bit more closer to home, our own inability to balance the national budget. Ma, you're very good at this, writing down expenses and when a check is written. Our government, not so good.
The debt-ceiling, amount the gov is allowed to borrow, is a little over $14 trillion. And here we are wagging our finger at the silly Europeans. We hit that cap back in May. Now, they are looking to raise that cap, as if its not high enough. The Republicans won't budge unless they get cuts on Social Security and Medicare. The next vote will be Aug. 2, start of Ramadan. No one really know what will happen if they can't come to an agreement. If they do raise the ceiling, their all's-good answer is to basically just keep paying the interest back to the borrowers. How much interest does $14 trillion accrue?
http://money.cnn.com/2011/05/16/news/economy/debt_ceiling_deadline/index.htm
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