Nobel Prize winning President Obama, is at the G20 summit in France. The main topic of this summit is how to keep afloat the EU by bailing out the poster child for out of control entitlements, Greece. He told the Greeks they must eat their peas, just like he lectured Americans many months ago. Note to President Obama: The peas diet doesn't seem to be having an effect, as the economy continues to stagnate.
As we take a look at the Greek model for economics, their GDP is eaten up by entitlements and big government. It seems that is exactly where America is headed since we are now borrowing 40 cents for every dollar spent. How can President Obama give economic advice, or tell another country to eat its peas when his economy is so upside down?
Furthermore, in order to fund a bailout, for out of control spending Greece, out of control spending America, will have to borrow that money from China, or print it. Just doesn't make sense in a clear headed, far from Washington, right side up world. Where do they get these economists? Certainly not from the private sector.
In the meantime in the cradle of democracy, Greece Premiere Papandreou promised a popular vote for his citizens for proposed austerity measures, but he has abruptly withdrawn that offer. Seems he will be making that decision himself along with the rest of his socialist government. Maybe it was because he could read the graffiti on the wall: Greek citizens don't seem too keen on belt tightening. Athens streets resembled downtown Madison Wisconsin, or "Occupy Oakland", as town squares filled with angry hysterical mobs looking for someone to blame & someone else's belt to tighten.
But in America, a new insult has been added to the injured citizens. It was just revealed that executives of Freddie Mac and Fannie Mae are receiving multi million dollar bonuses, even though these quasi government entities are losing billions. Also revealed, bankrupt solar company, Solyndra, the benificiary of over half a billion dollars in government loans, was also gifting it's executives with bonuses. Who's guarding our financial chicken coop?
President Obama should take quick action before he lectures anyone else on austerity because this doesn't look good during these harsh economic times.
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