Greece Fires Civil Servants FOR THE FIRST TIME IN A CENTURY!

I haven't posted on WSO in a long time, but this headline just seemed so ludicrous that I wouldn't mind hearing some intelligent discussion about it.

For the first time in over 100 years Greece has begun to fire civil servants . Yea you read that right...IN A CENTURY there have been no civil servant firings. Equally telling is the line that mass firings have finally begun (as requested by the Troika) and they cite the TWO PEOPLE who were fired last week....haha

EU Passes Edict on...Water?

In light of the sovereign debt crisis that may come to a head in a few weeks and destroy the EU as we know it, Brussels is determined to pass as many important and pertinent...

MF Global to Enter Bankruptcy

It took Corzine 4 years to run NJ further into the ground, but only 1 to destroy MF Global.

As a whole, this saga started and ended pretty quickly. In March 2010 Jon Corzine (former Governor of NJ and former GS CEO) became CEO of MF Global. Fast forward a little over a year and MF got in trouble for having too much of dat PIIGS debt and the stock dropped 67% last week alone . Furthermore, now MF Global is is preparing to file for bankruptcy as early as today and Interactive Brokers is waiting to buy them up. Some questions to consider.

Attack Watch

I'm not sure if everyone has heard of Attack Watch but it is an initiative by the Obama administration to expose "right wing lies". You too can send in reports of someone...

S&P Downgrades U.S. Government Debt

In a move not shocking to anyone who has been paying attention these past few weeks, S&P has downgraded government debt to AA+. Interestingly the downgrade was delayed due to the White House questioning the models underlying the analysis- saying that they were off by a few trillion dollars" Even so, the company has issued a statement downgrading U.S. debt, and affirmed the A-1 short term rating.

S&P Downgrades U.S. to AA+, Outlook Negative - Full Text

Scott Walker Creates Over 1/2 of New U.S. Jobs in June

According to a variety of sources, the policies enacted by Scott Walker seem to be working. All the bitching about his budget bill a few months ago seem to have amounted to simply fear mongering. In June, Wisconsin added 9,500 jobs , over half of the national total. And since he took over, Wisconsin has added over 39,000 private sector jobs (2x the national average growth rate) and earned enough revenue that it is actually saving teacher's jobs and pensions.

Debt Compromise Reached

Now the trick is to see if it passes. I think if you look at the specifics, it's pretty obvious that the Republicans won. $1.2-2.8bn is spending cuts. Balanced Budget Amendment sent to Congress, and if the further reductions plan fails (voted down), automatic cuts in Medicare and defense.

ABC Reports Debt Compromise Reached

Deficit Cutting Bill Passes House

Now the real hurdle comes. Passing the House with all but 8 Republicans voting for and all but 5 Democrats voting against the newest measure is going to the Senate. In my mind, there is no way that this passes the Senate. Democrats in the House such as Rep. Levin say that this bill seeks to undo to whole latter part of the 20th Century. Hmmmmmm...bold move there.

On the other hand we have the so-called "Gang of Six" Proposal. People like IP would be happy with the fact that this bill raises taxes on corporations (closing loopholes), the marginal rate would be REDUCED, and vast cuts to social welfare programs such as Medicare, Medicaid, and Social Security.

reddit and Politics

Recently I have been posting a lot on reddit in their politics section. Does anyone else find it hilarious how insanely communist these nerds are? Apparently I hate poor people...

Cheney, A Classy Take on the Osama Takedown

ABC: Dick Cheney Says 'Obama Deserves Credit' for Osama Bin Laden's Death

Showing once again why I love the man, Dick Cheney gives credit to Bush, Obama, and even Clinton for the prolonged hunt for the mass-murderer. Most importantly, he gives credit to the military, which I don't think any politician has done well enough up to this point.