Thursday, May 6, 2010
GREEK DEBT CRISIS PANICS WALL STREET
NEW YORK (AP) - Stocks plunged Thursday as investors succumbed to fears that Greece's debt problems would halt the global economic recovery. The Dow Jones industrials slid almost 1,000 points before recovering to a loss of 465... More from Associated Press There have been massive protests in Greek cities for weeks, and they seem to be getting more and more violent. At least three people died when protesters threw a bomb into a bank, setting it on fire. (Video below.) The severe debt crisis in Greece threatens to send the European Union into a tailspin as massive financial aid is debated there. The country is literally on the verge of collapse, financially and socially. Meanwhile, Ireland, Portugal, Spain and England are not far behind in terms of financial mismanagment. The EU is in serious danger of a financial meltdown, which would in turn have profoundly negative effects on the world economy. Is capitalism to blame? Actually, no: It's decades of bad socialist policies. The dumbest comment I've ever seen about the Greek crisis comes from a knucklehead on Twitter today. He wrote, "So why does anything in Greece affect the US economy? Are shortages of feta cheese and olives going to threaten the economic recovery?" Minutes later, he wrote, "In honor of Greece's decision to stick a dagger in my 401k value, the least they could do is buy me a gyro platter for dinner." If you don't know the answer to that, pal, you deserve to lose your 401(k).