Yesterday, the world's media financial headlines shouted that stocks soared because of the 117th solving of the Greek debt crisis even though Spain's economy is collapsing and its leading bank is begging for a bail out. The investors on Wall Street decided to shrug off the looming disaster in Spain and focus on the fairy tale of a debt resolution in Greece. The index went up 140 some odd points.
Today, reality hit. Greece is (or rather has been...) in chaos and the talk of tossing Greece out of the Euro Zone is getting louder. Spain's bond yields are well past the danger zone of 5% and crept past 7%. The market plunged and the gains from yesterday were lost and even oil fell $3.
Appearances may be paper mache but reality is a uranium depleted tank shell.
Even Goron Gekko must be dismayed.
You run into the same problem with crony capitalism that you have with socialism: eventually, you run out of other people's money.
You are better off taking your money to a casino in Atlantic City....
...the food is better.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment