Open thread: The Greek elections; Update: Coalition may be in chaos

posted at 1:31 pm on June 17, 2012 by Jazz Shaw

The elections in Greece have come to a halt and now we’re just waiting for them to finish tallying the results. Antonis Samaras with the New Democracy party is generally regarded as the last best hope that Greece will find a way to honor their obligations and stave off complete and utter disaster. His rival, Alexis Tsipras of the SYRIZA party, is the openly acknowledged leftist who is more interested in keeping everyone on the gravy train and – at least in the opinion of some – driving Greece away from the Euro, potentially out of the EU, and sinking the country once and for all. This could set into effect a string of dominoes falling which could easily cross the Atlantic and hit the United States with the residual shrapnel.

Early exit polling is already coming in. There are regular updates being posted at Business Insider by Joe Weisenthal, who is over in Greece right now covering the action live. Here’s the link for those.

The first polls are out and it’s insanely close.

The conservative, pro-bailout New Democracy party is leading by just 0.5% over the left-wing SYRIZA party according to exit polls published by Greek media.

There’s no guarantee that these polls will resemble the final night, but this is TIGHT, and the world is now on edge.

We’ll update this later as more solid numbers come in, but you can all bat it around until then. Here’s hoping for a positive outcome.

Update (Allahpundit): Crucially important to note: Syriza doesn’t need a clear majority to win and yank Greece out of the eurozone. From the Guardian:

Any one party would need 36-38% of the vote to form a workable majority. Ordinarily this would be 51% but a bonus 50 seats will given to the party in the lead, bringing the percentage down.

I was wondering this morning why people were hyperventilating simply because the exit polls between Syriza and New Democracy were so close. What would it matter given that either one will be well short of a majority and heavily dependent upon the smaller parties to join them in a coalition? Answer: That 50-seat bonus. Whichever party wins the vote, even if it’s 28.1 percent to 28 percent, will get a huge windfall of extra seats and will start with something close to a majority in parliament. They’re not so heavily dependent upon the smaller parties after all.

Update (Allahpundit): Yikes.

Skai TV gives first seat projections from their exit polls: Syriza 28% 124 seats, ND, 27.5% 73 seats, Pasok 13% 33 seats.

Update (Allahpundit): Weisenthal says ND might pull it out after all:

The latest wave of exit polls show New Democracy expanding its tiny lead of the left-wing SYRIZA coalition.

Whereas in the first exit poll that came out at 12:00 ET (7:00 PM Athens time) showed a 0.5% lead for New Democracy, this second poll shows a lead of about 1%… a very good sign that they’re expanding.

Greek TV network NET is calling for about 159 combined seats between New Democracy and PASOK.

UPDATE (Jazz): More confirmation coming in that the traditional parties may be able to shut out the left-wing uprising.

ATHENS, Greece (AP) – Exit polls: Greece’s 2 traditional parties have enough seats to form pro-euro coalition.

Update (Allahpundit): What would a Syriza win followed by a hasty eurozone exit look like? In a worst-case scenario, a new global financial crisis:

If Greece dropped the euro, traders would become more suspicious of Spain, Portugal and Italy and sell those countries’ government bonds, pushing their prices down and driving their interest rates up.

Higher borrowing costs squeeze those countries’ budgets and push them deeper into debt. Plunging bond prices also would imperil Europe’s troubled banks. The banks are big holders of government bonds, which they bought when the bonds were considered safe.

At this point, the risk would be high for a run on banks throughout Europe. People would worry that the banks might fail and would rush to withdraw what they could. Analysts and investors say that’s the biggest fear…

From here, the crisis could get much worse: Banks could fail, the surviving banks could stop lending to each other, and a credit freeze could shut down commerce in Europe as assuredly as a blizzard did last winter.

Needless to say, if a total meltdown in Europe is inevitable, Team O much prefers that it happen after November. Lots of New Democracy fans in the White House and at Chicago HQ today.

Update (Allahpundit): Two interesting pieces this morning on a key irony of the Greek election, that for once it’s a radical left party (i.e. Syriza) that represents federalism and popular sovereignty. Read Ross Douthat on that, then Janet Daley at the Telegraph. There are only two paths out of the eurozone’s conundrum: Greater political integration allowing a central body to dictate terms to reluctant electorates like Greece’s, or a lot, lot, lot more fiscal responsibility to ensure that this problem doesn’t recur. Daley:

[T]he only way that the World Economy, which has now become an apolitical, undemocratic, supra-national force of nature, could be brought under control is to erase the divisive historical memory of nations and create an equal and opposite force of World Government. This, of course, is just what the EU was designed to do on a continental scale, and that hasn’t quite worked out. The official solution – endlessly reiterated by increasingly desperate European commissars – is to eradicate more forcibly than ever the messy democratic accountability of national governments to their people…

A really serious cutback in state spending – not the Osborne nibble but drastic, meaningful reductions in the size of government – could reduce the dependence of democracies on global capital. It is government entitlement programmes which devour wealth and produce nothing in return. If they were stripped away – and if government got out of the wealth redistribution business – taxation could be reduced. So instead of “stimulating” the economy by offering more debt (as Mr Osborne proposed at the Mansion House), and so getting even deeper into hock to the Beast, we might get the genuine stimulus that comes from people spending money that they have earned.

Update (Allahpundit): Another wrinkle of this election is that, if you believe the polls, upwards of 80 percent of Greeks want to remain in the eurozone yet heavy majorities also oppose the austerity conditions that Germany demands for membership. The new government, even if led by New Democracy, probably has no choice but to try to renegotiate the terms of the bailout with Germany. What if Merkel says no?

Update (Allahpundit): If Berlin and Washington were banking on a New Democracy/Pasok coalition to preserve the bailout, it might be time for plan B:

Up until 30 minutes or so ago, it looked like the election would end up very close, but that New Democracy would win and then form a government alongside third-place PASOK. Between the two parties, they’d have 159 seats, enough to gain a majrotiy in the 151 seat Hellenic parliament.

But ereports have come out — and we have confirmed as well with a PASOK source — that PASOK may not be willing to join the government unless the leftists of SYRIZA also joined and formed a government of national unity…

It’s a dramatic gambit that threatens more chaos, and perhaps another election.

That’s from Weisenthal, who sees this as a tactical move. Since the rest of this year is bound to be miserable for Greece, a New Democracy/Pasok coalition will get all the blame and then Syriza will win in a landslide in the next election. By insisting that Syriza be included in the government, Pasok’s ensuring that their new left-wing rivals will take some blame too.

What now?

Update (Allahpundit): James Pethokoukis on what lies ahead. Spoiler alert: An exit from the eurozone, but with a bit more time for banks around the world to prepare for the earthquake.

Update (Jazz): From Weisenthal

New Democracy leader Antonio Samaras just gave his “victory” speech, saying that Greeks have voted for growth, and to stay in the Euro.

It was a very short speech delivered in both Greek and English.

Update (Jazz):Yet another Update from Joe. This is getting worse, not better.

UPDATE 4:30 PM ET/11:30 ATHENS

If you thought for a moment that the Greek election would end in a clean outcome tonight, the joke was on you.

In the first wave of exit polls that came out at 12:00 PM ET, the pro-bailout, conservative New Democracy party held a razor thin 0.5% lead over the leftist SYRIZA party.

Then an hour and a half later, it became clear that New Democracy would come in first, and that it (along with PASOK) would have enough seats to garner a majority in the Hellenic Parliament.

This is the outcome that markets have most wanted to see, as New Democracy and PASOK have generally signalled a willingness to go along with the current bailout path, and not buck the rest of Europe. The leftist leader Alex Tsipras, on the other hand, had threatened to tear up the bailout agreement (though he had always promised not to leave the Eurozone).

So at first it all seemed good… but then around 9:00 PM in Athens, word came that the leader of PASOK, Venizelos, was threatening to withhold support for a new government unless SYRIZA also joined as part of a broad coalition.


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3er89*90rtycoi

rickyricardo on June 17, 2012 at 6:19 PM

Correct if I’m wrong, but in the end, one way or another, Angela Merkel is going to succeed where the Austrian paper-hanger and Willie Hohenzollern Jr. failed: the Germans will dominate Europe.

The key was to use bankers instead of generals.

MidniteRambler on June 17, 2012 at 6:16 PM

Well a German would tell you it’s all about self determinism, and not being victims of fate…..like the current Greek tragedy unfolding in front of us.

Dr Evil on June 17, 2012 at 6:23 PM

So the ‘conservative’ part of Greece is for: more bailouts, doing nothing on spending, and wanting more political control to go to the EU. This is the people voting themselves into indentured servitude and asking someone else to impose austerity on them… because the current ‘austerity’ doesn’t cut spending or raise the retirement age to, ohhhh, 80… and throw everyone younger than 80 out of retiree roles. Basically: ‘Please, Germany, hand us more money and we will bend over very nicely for you in our spandex on the beach’.

The ‘left’ side is leaving the EU, going to the Drachma (which might well be a debt currency, no credit to it), and impose no austerity, no fiscal controls and see the country go down the drain. Then you have starving Greeks in spandex on the beach.

Socialism doesn’t work on the left or right of it.

And somewhere along the line you either get enslavement or bloodshed or mass starvation (like the Glorious Magic Kingdom of Mr. Kim III).

At the rate things are going there won’t be an EU, there won’t be a Greece, and there will be a bunch of Germans with indentured servants in spandex living in Greece. And Italy. And Spain. And France.

Germany, winning WWII the old fashioned way: buying everyone else.

ajacksonian on June 17, 2012 at 6:24 PM

Update (Jazz):Yet another Update from Joe. This is getting worse, not better.

PASOK is just posturing.

Not being part of the government would be suicidal. They would be wiped out in the next election.

Samaras will form a government and PASOK will support it without Syriza.

joana on June 17, 2012 at 6:41 PM

Oh and FYI, for someone who is supposedly so educated, youmay want to learn to look around the internet for other information than what is on a certain website.

upinak on June 17, 2012 at 3:07 PM

Dude. I was interested in the point you brought up, and asked about the link to save myself a little time by bootstrapping a starting point for learning about smartwhatever. Most people on the interwebs aren’t offended by such a request.

Friendly fire, no?

bofh on June 17, 2012 at 6:51 PM

PASOK is just posturing.

Not being part of the government would be suicidal. They would be wiped out in the next election.

Samaras will form a government and PASOK will support it without Syriza.

joana on June 17, 2012 at 6:41 PM

I’ve never been a big fan of PASOK, so it’s kind of amusing to see them turning into the Whig Party of the 21st century. I would say that your estimate of their ultimate actions would be correct, except that they did this the last time around. The other mystery is ANEL, apparently composed of disaffected ND members who refuse to go along with the austerity measures. Their support declined this round, too, so maybe they will also see the light.

The party that really creeps me out, however, is XA (Golden Dawn). From a distance, and without my reading glasses, their logo could be a red swastika with a black border. And I don’t think that’s an accident.

HTL on June 17, 2012 at 6:53 PM

bofh on June 17, 2012 at 6:51 PM

I think both sides are so agitated at this point that they are forming a circular firing squad.

That’s what community agitators do ::cough:: Obama. That’s what the Klown is all about.

Key West Reader on June 17, 2012 at 6:57 PM

I’ve never been a big fan of PASOK, so it’s kind of amusing to see them turning into the Whig Party of the 21st century. I would say that your estimate of their ultimate actions would be correct, except that they did this the last time around. The other mystery is ANEL, apparently composed of disaffected ND members who refuse to go along with the austerity measures. Their support declined this round, too, so maybe they will also see the light.

The party that really creeps me out, however, is XA (Golden Dawn). From a distance, and without my reading glasses, their logo could be a red swastika with a black border. And I don’t think that’s an accident.

HTL on June 17, 2012 at 6:53 PM

Yeah, PASOK was doomed as a major party once the government ran out of money. They were a personalist/charismatic/leader-centered party (Papandreou), with a strong regional base (Crete), whose national political success was entirely dependent on the votes of public workers and other government protected classes. The moment they stop being able to offer that patronage, they’re done. Not enough of a deep social implementation.

Anyway, the other time around there wasn’t a ND+PASOK majority and forming a government was less pressing – the Greek government only has money till the end of June. No money to pay July’s salaries and pensions if the “troika” doesn’t release the next slice.

XA is a Neo-Nazi party and you’re correct: they aren’t too worried about hiding it. They aren’t a nationalistic/anti-immigration/fascist party like others far-right parties in Europe (most moulded after Le Pen’s FN), but true neo-nazis and racial supremacists. Still, on the other side, the KKE is a Marxist-Leninist-Stalinist party. Haven’t you watched the episode of the Neo-Nazi candidate punching the Communist candidate (a woman) in a televised debate? It’s pretty funny.

joana on June 17, 2012 at 7:05 PM

Open thread?

Cool.

Rodney King is dead.

RIS

Ugly on June 17, 2012 at 7:16 PM

“The Sky is Falling! The Sky is Falling!” screamed Chicken Little…

albill on June 17, 2012 at 7:35 PM

First off, it’s well know amongst conservatives that it can suck being a conservative. This may be a shock to some people. If it’s so great, how can it suck? It’s because being a conservative means being the adult in the room. It means telling people they can’t have what they want if we can’t figure out a way to pay for it. THAT SUCKS!

Here’s Bill Whittle’s Firewall video that explains this concept far better than I ever could.

Now that it’s clear that conservatives have a certain set of beliefs and principles that guide them, Liberals know what to do to get a rise out of many/most Republicans. Simply go against those principles. But you can’t do it directly. No. That would set yourself up for attacks. Diversion, or in this case, BAIT AND SWITCH is the order of the day. Here’s how it works.

Step 1. Give something free to a particular group needed for the next election.
Step 2. Ensure that the way Step #1 is done breaks the law or is done in a way that goes against conservative principles. (This is the bait).
Step 3. Wait for Republicans to voice their concerns over this disregard for their principles.
Step 4. Switch the media topic to be that Republicans hate the group mentioned in Step 1 since if Republicans don’t want to give them something for free, they must hate them.

This is classic divide and conquer Alinsky tactic.

Let’s try a few examples.

First up, the war on women. Yes, that’s a Wikipedia link. Amazing, no?

Step 1. Give free contraception, abortions, etc. to women.
Step 2. Make sure to force religious institutions that provide health insurance to also provide these things even though it goes against their right to freedom of religion and free markets where everyone is free to provide whatever products and services they want.
Step 3. Wait for Republicans to voice concerns over free markets and freedom of religion rights being trampled on.
Stop 4. Announce that Republicans are waging a war on women.

Simple, no?

This is all because of what Bill Whittle talks about earlier. Conservatives will ALWAYS be susceptible to these kinds of issues as long as Liberals are ok with these kinds of tactics.

Let’s try this with the recent executive order by Obama to hand out free work and residency permits to illegal aliens.

Step 1. Hand out free work and residency permits to illegal aliens.
Step 2. Make sure the executive order bypassed Congress and is clearly unconstitutional.
Step 3. Wait for Republicans to voice concern over the trampling of the Constitution.
Step 4. Announce that Republicans are waging a war on Hispanics.

Step 4 has a backup plan of asking Romney if he’ll repeal Obama’s executive order and THEN attack Romney as hating Hispanics.

You can take anything Obama says and apply those four steps to it and you will see that Obama doesn’t actually care about anything other than to demonize Republicans.

The entire Occupy thing was the same thing. But it backfired because Obama doesn’t understand the private sector at all. He’s never dealt with the private sector and has no idea what it is. Someone who’s operated a lemonade stand or delivered newspaper has more private sector experience than Obama. Doesn’t it bother liberals that people who have run a lemonade stand are more qualified than Obama to help the economy?

Obama is going ever more negative and this will continue as we get closer to election day. Obama has shown he has no respect for the rule of law or the election. This will get very nasty.

MrX on June 17, 2012 at 7:38 PM

Yeah, we’re exceptional, like Greece………….

……that’s what Obama told us.

(or is it that we’re headed there, and he’s driving the car)?

PappyD61 on June 17, 2012 at 7:45 PM

MrX on June 17, 2012 at 7:38 PM

It’s a no-win situation for Republicans. If the bribes Democrats hand out are not contested, the country is weakened and corrupted, for one, and also the Tea Partiers become angry because they view our Republican representatives as being weak. This results in internecine fighting between conservatives and moderate Republicans.

On the other hand, if Republicans do contest the bribes, then this angers the group to which the the bribes have been offered because they watch something presumably “free” get snatched away.

The only insulation against this attack is to have a large group of patriotic citizens who are properly educated and are able to maintain a perspective of the larger good for the larger whole. Unfortunately, of course, that situation is a complete fantasy which has no chance of becoming a reality–not in today’s culture, at any rate.

Burke on June 17, 2012 at 8:24 PM

Guess who used styrofoam Greek columns in his acceptance speech…

SouthernGent on June 17, 2012 at 8:28 PM

Ironically, it’s probably better for the world his the socialist wins, Greece defaults, and the country is no longer able to soak up investment money from the rest of the world (because no-one will buy their bonds).

Count to 10 on June 17, 2012 at 9:02 PM

All this means, at best, for the EU, and more specifically the Eurozone, is that the situation is restored to what it was before the uncertainty about the Greece election. And the situation then was unsustainable. So it’s gone from unsustainable, to possibly calamitous, and now back (maybe) to merely unsustainable. That’s not much for the EU to cheer about. The whole EU political entity is structurally flawed, and no one is addressing that, at least in any meaningful way. Once the bailouts run dry — and they’ll have to eventually — it will be right back to calamity. They’d have been better off just kicking Greece out now and taking their short-term economic lumps along with that.

Part of the problem for the EU (aside from the socialism, the Muslim saturation, the anti-Americanism and the spineless liberal military and law enforcement attitudes) is that it is trying on one hand to function as a single nation, but at the same time function like 27 autonomous nations. This is because, since its inception, the EU has been formed almost entirely by only a tiny handful of bureaucrats, with almost no consultation with, or support from, its core constituent publics. In almost every case where a pro- / anti-EU referendum has been put to a public vote in economically important member states, it has been voted down. As a result, the EU today is a highly unstable patchwork of forced-through half-measures. If the EU bureaucrats can’t get all their member states’ publics on board with the project of full integration (which is what the handful of bureaucrats want) through factual reasoning, then they should abandon the whole project now, and put all their resources into dissolving the EU with as little damage as possible. Without popular support, then from the beginning it was never anything more than a house of cards, tinkered by socialist bureaucrats.

WhatSlushfund on June 17, 2012 at 9:20 PM

Obama is going ever more negative and this will continue as we get closer to election day. Obama has shown he has no respect for the rule of law or the election. This will get very nasty.

MrX on June 17, 2012 at 7:38 PM

This.

Fred says it in a few words…

bofh on June 17, 2012 at 9:50 PM

Either party wins and it still spells doom for the euro. Which is good as it was europe’s direct assault on the dollar and the USA.

IMHO, could not happen to a nicer bunch of people.

jukin3 on June 17, 2012 at 9:53 PM

It’s dispiriting the number of persons who, in a conservative blog, tend to believe economy is a zero-sum game.

The Euro imploding is good for everyone in the long term – Europe, America and the rest of the world – because it was and is a terrible idea.

However in many comments here the logic is more among these lines: “it’s bad for Europe, so it’s good for us”, “Europe was disputing our leadership with the Euro, now they’re going down and that’s great”, etc.

That line of reasoning is completely idiotic. If Europe implodes economically, so will we. The global economy is just too intertwined, there’s no way of fire-walling a contagion. Mind you: 45% of the US economic growth in the last 3 years was made on the back of exports. And Europe is by far the largest destination of American exports as well as the largest source of FDI.

Being the number 1 economic super-power has no value in itself – except for people with a seriously disturbed self-esteem. The Chinese economy is many times larger than the Swizz one, yet I’d rather be a citizen of the confederation than one of the popular republic.

joana on June 17, 2012 at 10:45 PM

New Democracy is not “conservative.” Stop calling them that. ND is a left wing party whose victory means a continuation of the EU anti-democratic superstate. SYRIZA is a left wing coalition whose victory will hasten the collapse of the EU. In a choice between the two, I will prefer the latter.

Ostrich Egg on June 17, 2012 at 11:12 PM

It matters little who won or by how much; Greece cannot possibly meet the demands of austerity – they haven’t even been able to meet the conditions of the first bailout deal over two years ago. They have no means of collecting the taxes from small businesses and individuals that haven’t been paid since the military junta, and the slightest cuts in government employment or benefits triggers rioting. Who is kidding who here?

The bankers and bondholders want to keep kicking the can down the road in the hopes of some ECB/EU/World Bank/other bailout so they won’t have to record the losses on their foolish investments in bonds from countries spending themselves into ruin. But they picked a poor time to hope, since nobody is flush and bailouts are unpopular among voters and governments right now.

The reckoning will come, as it must. The only difference is the timing, and only of months or weeks, not years.

Adjoran on June 18, 2012 at 12:46 AM

It matters little who won or by how much; Greece cannot possibly meet the demands of austerity – they haven’t even been able to meet the conditions of the first bailout deal over two years ago. They have no means of collecting the taxes from small businesses and individuals that haven’t been paid since the military junta, and the slightest cuts in government employment or benefits triggers rioting. Who is kidding who here?

Adjoran on June 18, 2012 at 12:46 AM

Very true. It’s a lost cause. The conditions necessary to implement any meaningful reform – economic, social, cultural – don’t exist in Greece.

That’s why I said that a quick Greek exit from the Eurozone would probably be the least bad solution. Ultimately, it’ll happen. They’re just losing time. And then they’ll actually experiment austerity, even if inflation induced one.

The bankers and bondholders want to keep kicking the can down the road in the hopes of some ECB/EU/World Bank/other bailout so they won’t have to record the losses on their foolish investments in bonds from countries spending themselves into ruin. But they picked a poor time to hope, since nobody is flush and bailouts are unpopular among voters and governments right now.

The reckoning will come, as it must. The only difference is the timing, and only of months or weeks, not years.

Adjoran on June 18, 2012 at 12:46 AM

Yeps. Except I don’t bailouts are that unpopular among governments. As the recent bailout to the Spanish banks proves. But yeah, this is just delaying the inevitable. There’s just too much bad debt out there. Politicians and the financial system have been trying to solve the issue without confronting it, but in the end reality will win. Debts will need to be written off, lenders, shareholders and savers will need to take a hit. There is no other permanent solution.

joana on June 18, 2012 at 12:57 AM

There is no other permanent solution.

Politicans never look for permanent solutions, they only look for ways to push the problem passed the date they leave office. So expect another deal, and another deal, and yet another deal until the house of cards collapses. The basic problem is that a large portion of the Greek electorate wants the country to live beyond its means and they don’t see anything wrong with other people paying its bills for the rest of time. They really believe there is such a thing as a free lunch.

Fred 2 on June 18, 2012 at 1:52 AM

Coalition may be in chaos

And is something new?

zoyclem on June 18, 2012 at 7:16 AM

And in some cases, such as Ireland, the government tried (and succeeded) to force agreement on the people without putting it to a popular vote. It was a truly, ugly and undemocratic mess.

MJBrutus on June 17, 2012 at 4:58 PM

This >
It is really , really hard for most North Americans to truly understand what a Top-down, undemocratic mess the EU and Brussels really is.

As Mark Steyn has said, the degree of Conformity in EU society among the elites is astonishing; their idea of a balanced Political panel is 3-4 people, from extreme nutbar Left-wing to centre-Left; that’s their “balance”.

There is no such thing as right-wing in Europe.

And truly, as in the era of Empires (1800-1920) there is a thin veneer of democracy in europe over an enormous, semi totalitarian state; when the population never gets educated about “real choices” that they might have, so its a continuation of an elite system of privileges and semi-official corruption; theyve perfected crony capitalism to the nTH degree, which is what Obama and the Chicago machine has introduced (or reinforced?) in the US.

Im european, so I think i understand it now; it’s truly, truly a royal mess…

Take care all
J.

Gauthijm on June 18, 2012 at 7:36 AM

“Socialism works until you run out of other people’s money.” [Thatcher] Now Greece has run out of other people’s money, and they’re stamping their feet and crying until they get what they want.

Teens who have been thoroughly spoiled can be more than a nuisance. What do you do when you tell your son to take out the garbage and he picks up a bat and smashes the tv–put him in the corner? It’s kind of scary when it gets to that point, and disciplining your child then is bound to lead to a period–sometimes an extended period–of interrupted activities and sacrifices. Socialists are teens who have been spoiled and, in a way, ruined, and they won’t grow up until you show them the door and force them to be responsible for their own maintenance and future.

That advice might sound trite and simplistic to a liberal, because it’s wisdom that comes from a person’s experience rather than through theoretical reasoning as the liberal prefers. It’s true, though. You can bribe, cajole, threaten and reason with a teen who’s been spoiled with too much permissiveness, but nothing will succeed in bettering the situation like allowing that child to be out on his own.

I was scared to death in 2007 by cries by Fox and the Wall Street Journal of our financial institutions being “too big to fail.” Not anymore. Nothing gets better until real consequences are allowed.

Burke on June 18, 2012 at 8:15 AM

After 5 years of GDP contraction of 25%, the economy grinding to a halt, 22% unemployment, bailouts for bankers, now bank runs, the Greeks just voted for more of the same…are they nuts???…

PatriotRider on June 18, 2012 at 9:31 AM

Recount for Le Pen

Schadenfreude on June 18, 2012 at 1:50 PM

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