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Going Down

8/10/2011

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We have lost our market gains from yesterday, and have no one to blame but the French.  As it turns out we're not the only country whose credit worthiness is in question.  The French banks have much invested in bonds from Italy and Spain, so it is rumored they will be the next to lose their AAA rating. 

Who starts these rumors?  It's someone within the media, possibly located within the US.  It has been confirmed by rating agencies, and the French government that they are not in danger of losing their AAA rating.  The news stating the French are next, has spread like wildfire through presses and on air personalities, ever since S&P announced on August 4, that the U.S. was a AA+. 

What's the big deal about having good credit in this day and age?  It's not, unless you plan on paying off the debt you incur.  When you have a government that increases the deficit, and only foresees it rising in the future, then they hardly deserve to be considered credit worthy.  Credit is not gift, but a liability.  Through the past few years of financial turmoil, many countries have been bailed out.  Only to learn after the money was lent, that they were going to fail anyways.

The reason Spain and Italy are such a hazard right now to European banks is due to the amount of money currently invested drastically exceeding that which was invested in Greece, Portugal, and Ireland.   With so many countries being forced to live within their means, the governments will be borrowing at higher interest rates and further slowing economic growth. 

It started with Fannie and Freddie, then GM, Chrysler, and Goldman Sachs.  The times of bailing out companies seems minimal when considering that countries are now in need of bailout packages.  Now that we've been told here in the states to live within our means, we have resorted to taunting the French with, "I see Paris, I see France, I see a downgrade from the money you grants."     
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In Assembly

6/29/2011

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Debt increases, as bailouts continue.  Almost seems like a contradiction when the Union agrees to more high interest loans to bail troubled countries out of debt.  Ireland and Portugal followed Greece's example of taking on greater debt to get themselves out of debt.  Now we're on to round two.

Many citizens of Greece disagree with the idea of footing the bill of a crisis caused by the government.  Peaceful protests have turned violent, as their government approves a strict plan in order to obtain their second bailout package.  When your too big to fail, the best way to stay afloat tends to be on the back of someone smaller.  The Greek Parliament will obtain their funding by wage and benefit deductions, and tax increases.  Hard to imagine why the protesters are so bloody angry right now.

Since the US economy is doing so well, Obama has pledged our support in bailing out Greece.  We spend our money wisely.  Besides, here in the States, all we have to do is raise the debt ceiling, and everything will be all right.  Who pays for our ever growing national debt?  US Tax payers. 

During tough economic times, it seems the only ones who do not understand the term, "cutbacks", are the hierarchy who set the guidelines.  As the European Union calls for spending cuts, and tax hikes in Greece, Portugal, and Ireland, the Parliament pack up for their monthly move.  The monthly travel between Brussels and Strasberg is estimated to cost our European counterparts around 200 million Euro's each year.  Who funds the move?  European Tax payers.

Government representatives are consistent in their waste.  That is something that we can count on as citizens.  It does not matter if we are located in the US, Europe, or anywhere else in the world.  A vote for change leads some officials to believe we want them to dig deep into our pockets, and sofa cushions to find it.

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    Author

    My banter was on current affairs and ran from 2011 - 2016. I currently enjoy writing satire and horror shorts.

    I chose themes to run against each current event to bring some entertainment to my Banters. I began writing the banter in February 2011, and wrote my last in February 2016.

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