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To: KyrosL who wrote (73287)	4/23/2010 2:48:39 AM
From: Haim R. Branisteanu	Respond to of 74559

Thanks KyrosL, the rules in Greece can change, if there is the political will the union can be brought down - same as repealing Proposition 13 etc., As to California no one in Greece get a pension of over $100,000 a year - on the other hand plenty of CA state employees are collecting those amounts. Aside CA is an economy that is 5 to 6 times bigger than Greece. If there is the will Greece is very easy to bail out - not so CA. The main difference for the rating agencies is that IMHO Greece government are a bunch of wimps and clueless idiots let aside the issue of wide spread corruption. As to the rating agencies - it is a clear backslash of the US administration to the rumors of last year for eliminating the USD as a reserve currency. This administration sided with WS not for NO REASON aside from the issue of elections funds. It had to do with the US forced to issue close to 2 trillion in debt and they needed a strong USD to do so. WS was there to help for a price - not bringing to justice the thieves and swindlers running most of the financial institutions which were involved in the fraudulent actions before the collapse. ONe example why the Lehman Bank America and Merrill management are still walking free? Keep in mind that the US budget deficit except the various states is closer to 10% - 11% of GDP IMHO due to the various differences of opinion relating to the financial crisis and financial market regulation - it is reminiscent of the dissagreements after the great depression 80 years ago - we are de-facto in a economic war - see US Treasury letters to the EU

To: KyrosL who wrote (73287)	4/23/2010 5:25:20 AM
From: Haim R. Branisteanu	Respond to of 74559

From the Ifo data released it is obvious that the whole issue of Greece is a very helpful development for Germany France and the Benelux countries. Their industrial base activity is back to the level before the financial crisis and exports to the BRIC countries are increasing nicely. The US will end up the actual looser in the long term as the EU is now forced to put their house in order way before the US will be able to do it. Long term I think that the present artificial rise of the USD is benefiting the issue of more debt but will hurt the US economy as imports will rise and exports slow and by this lowering the pace of new job creation and also lowering the increase of US tax revenues - except if WS will continue with their schemes to purloin money from other countries As to the honesty of this administration the interview with CNBC is reflective of their thinking - the GS case got to their attention by watching CNBC!!!