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Thread: The sky has finally fallen...
05-07-2010, 09:59 PM #256
i prepared these links because they both sounded so similar
1937 hindenberg flame out
http://www.youtube.com/watch?v=xiAT9xvTVKI (1:00 onward)
2010 market flame out
http://www.youtube.com/watch?v=ZiZtPTLuPtw (1:00 onward)
then i check wiki on the hindenburg disaster date, to see if anymore similarity.
I was floored to learn the dates:
The Hindenburg disaster took place on Thursday, May 6, 1937
Wallstreet record intraday drop (DJ and SP500) took place on Thursday, May 6, 2010
Location of hindenburg disaster, NJ, USA
Location of market calamity, NY, USA
Hindenburg was a german passenger airship LZ 129 preparing to dock after some delay to wait out a storm. After the storm passed and prepared to dock, a gust of wind knock the ship back and forth, ripping some fabric.
The market sell off was related to the german bail out of greece after a successful bond issue by greece but the market wind is still gusty
Last edited by cooler; 05-07-2010 at 10:08 PM.
05-07-2010, 11:44 PM #257
no sure how true it is. My friend told me some well off greeks pay less taxes than ordinary people. 5000 declared they have swimming pool while >100K didn't declare it. Govt employees over paid. Doctors pass less taxes than ordinary people. The rich gets richer.
Now I wonder if they are going to change for the better or at other euros expense...
It is ridiculous...
05-08-2010, 12:57 AM #258
Last edited by cooler; 05-08-2010 at 01:08 AM.
05-08-2010, 01:16 AM #259
here are some ( i mean only some) hilarious socialist welfare looks like.
FACTBOX-Five areas of Greek budget waste
Wed Apr 28, 2010 2:27pm EDTRelated NewsTimeline: Greece's debt crisis
Wed, Apr 28 2010April 28 (Reuters) - From a bonus for showing up to work to collecting dead father's pension for unmarried daughters, arcane benefits bloat Greece's budget by billions of euros a year.
As part of its efforts to end its debt crisis and escape default, Greece has pledged to start cutting back on such largesse, but decades of chaotic accounting at ministries means the exact statistics are hard to come by.
Below are examples of some of the spending the government could cut:
Tens of thousands of unmarried or divorced daughters of civil servants collect their dead parents' pensions, weighing on a social security system experts say will collapse in 15 years unless it is overhauled.
About 40,000 women benefit from the allowance at an annual cost of around 550 million euros, according to economic website capital.gr.
While the law protects civil servants from dismissal, it allows them to retire with a pension in their 40s.
Greek pension spending is expected to rise by 12 percent of gross domestic product by 2050, according to EU Commission data. That compares with an EU average of less than 3 percent of GDP.
The government has pledged to overhaul the social security system by raising the retirement age and banning early retirement. It plans a bill by May.
In a system where bonuses can add 5 to 1,300 euros to a monthly paycheck, some civil servants are paid extra for using a computer. Some get a bonus for speaking a foreign language and others for arriving at work on time, while many foresters get a bonus for working outdoors. All Greek public and private sector workers get 14 salaries a year, a structure aimed at keeping basic monthly salaries, and the pensions that are based on them, low.
Half a month's extra salary is paid at Easter and another half during the summer. The 14th salary is paid to civil servants at Christmas when the whole economy is geared to consuming it; taxis, restaurants and hairdressers are legally allowed to charge extra as "a Christmas present".
The government has already trimmed most bonuses by 12 percent and Christmas and Easter salary bonuses by 30 percent as part of its austerity plan, saving 1.7 billion euros.
FLYING FOR FREE
Labour unions foiled government attempts to sell debt-ridden Olympic Airways for decades, costing Greek taxpayers millions while employees enjoyed generous benefits -- their family members could fly around the world for free.
The EU took disciplinary measures against Athens for pouring state money into the loss-making airline, even after private local airlines began servicing similar routes for less.
Olympic was sold in 2008, but only after the state lavishly compensated or re-hired about 4,600 employees. Many blocked Athens' thoroughfares recently because they had not received all their severance money.
The state owns 74 companies, mainly utilities and transport firms, many of which are overstaffed and loss-making, the OECD says. The main rail company employs about 9,000 people and reported losses of 800 million euros in 2008.
The government has said it will merge some state companies and sell stakes in others.
COMMITTEE FOR WHAT?
Hundreds of state-appointed committees employ staff though it is not clear what they all do. Greece has a committee to manage Lake Kopais, which dried out in the 1930s.
One Greek paper estimated that committees employ more than 10,000 people and cost over 220 million euros a year.
Coming through on a pre-election pledge to cut such waste, the government recently announced it would shut down or merge at least 200 such committees that have outlived their usefulness.
Tensions with arch-rival Turkey have kept Greek military spending well above that of other EU members, reaching 14 billion euros, or 6 percent of GDP, in 2007 and 2009.
Budget woes have limited military procurements and the 2010 defence budget now stands at 6.7 billion euros ($8.92 billion).
But nearly 80 percent of Defence Ministry spending goes on administrative costs and payments of army staff. The government has said it will gradually reduce costs and spending on arms purchases will be contained to 1.8 billion euros (0.7 percent of GDP) this year. (Reporting by Renee Maltezou; Writing by Dina Kyriakidou, Editng by Lin Noueihed)
Last edited by cooler; 05-08-2010 at 01:19 AM.
05-08-2010, 05:07 AM #260
my word... this is an archaic rule. Spartans? Crazy. Should not have let them get the money. A total government failure.
05-09-2010, 02:46 AM #261
Greece alone is not to blame. The root cause is the creation of the so called political utopia the EU. Do you notice that all those small Europen countries were very eager to join the EU?
Even now the Greeks feel they should remain in the EU because they feel safer. Now, if you are a German you will not like that. The Greeks feel safer because there is always a father christmas to look after them. The Germans feel they are being used to help others who do not deserve such help.
Unlike a real political union like say the US, the EUs political union is just a pipe dream.
In a way, it is like a well-off and well-meaning man suddenly taking in many neighbours thinking that the union will be a super state. But those neighbours, having got used to the protective umbrella of this rich chap, have now forgotten how to work to earn their keep.
Americans, whether they are from California or from Florida, do feel and behave like they belong to the same country. One country, many states, yet the US acts like one country with true political union and one central bank or federal reserve.
In the EU of course the Germans, French, Poles or any other EU countries citizens don't see each other as Californians and Florida citizens.
The EU in yet another leap into madness is asking everyone who used to be Russia's allies to join NATO. Now whose armed forces does NATO belong to? The US or Brussels? All I see is a failed political union, monetary union, and military union. It will not take long before France slaps tariffs on German exports, etc.
05-09-2010, 08:14 AM #262
Let's keep away from the politics and keep to the economics. I know they are closely related.
05-09-2010, 06:55 PM #263
Take a vacation: It's your right
April 25, 2010
By DALE McFEATTERS
The bureaucrats of the European Union, unfettered by such sovereign niceties as government and voters, are free to think Big Thoughts. And here’s the latest: Decreeing tourism and vacations basic human rights.
This is the brain child of Antonio Tajani, the EU’s commissioner for enterprise and industry, who plans to subsidize vacations for those too poor to afford one and lots of other people, as well.
The time off isn’t a problem. The EU already mandates a standard of a minimum four weeks’ vacation for member nations, and some countries require more. French workers are entitled to six weeks. U.S. employers are not statutorily required to give their workers any.
As a result, American workers generally work longer hours and get less time off than workers in other modern industrialized countries. The Tea Party people might want to lighten up on the whining about “socialism” lest American workers start asking questions and discover Commissioner Tajani. He says, “Traveling for tourism today is a right.”
Tajani’s program would subsidize vacation travel for retirees, those over 65, people between 18 and 25, and families facing “difficult social, financial or personal” circumstances. If the vacationer is elderly or disabled, the EU would pay for someone to accompany them.
The news accounts indicate that the subsidized vacations would be within Europe — no Tahiti or Las Vegas for the pensioners. The idea would be to build European unity by having northern Europeans visit southern Europe and vice versa.
Britain’s Sunday Times reported that Tajani’s planners envisage sending young Greeks, for example, to Manchester and Liverpool on industrial archaeology tours to explore abandoned factories and power plants.
To further experience the “cultural diversity” of Europe, retirees from the English rust belt, in turn, would be given cut-rate trips to Spain. Not meaning to diminish the undoubted attractiveness of an abandoned power plant in the rain, it does seem that the retirees are getting the better half of this deal.
There is a mild pecuniary motive here in that the subsidized travelers could fill up resorts that are underused or in the off-season doldrums. The pensioners might want to ask before the EU packs them off to an underused resort exactly why the resort is underused. The answer could make a staycation look mighty attractive.
The vacation plan is to take full effect in 2013. When it does, a great job is going to open up for someone: the EU’s high commissioner for vacations. Update your resume now.
The “tourism is a human right” scheme could cost the EU hundreds of millions of euros a year. But better not to dwell on the cost. Why spoil the vacation?
05-10-2010, 03:52 AM #264
Speculators are attacking the weaker EU countries. This has caused panic in the EU as well as in the US.
In a coordinated move both the EUB (EU Central Bank) and the Fed in the US are making available about to US$1 trillion to guarantee all EU government debts should any EU country needs it. This swift action by the US Fed is quite extraordinary as it fears that the contagion will spread to the US if no action is taken now. This has somewhat stabilized the situation but it doesnt solve the rotten eggs in a few EU countries.
In a rather surprising move the Romanian government has begun slashing government salaries and pensions by significant amounts, hopefully to stop the speculators from tearing it apart.
German economic sources speculate that the Euro will eventually be at parity with the US dollar.
05-10-2010, 04:31 AM #265
05-10-2010, 04:42 AM #266
Romania is slashing 25% of public sector salaries and 15% of pensions with immediate effect. This follows at the heels of a visit by IMF officials.
Perhaps Portugal, Spain and even Italy should do some excess fat shedding now. If Romania can do it so can the PIS countries.
05-10-2010, 08:06 AM #267
Wow.. the market is scary. So fast it shoots up.
Its like a magic pill, once money available. All is ok.
Printing money like nobody business? Unbeliveable.
05-10-2010, 11:11 AM #268
The bar is open for business again, the booze is replenished, the happy hours is back.
Stocks surge on effort to ease Europe debt crunch
By STEPHEN BERNARD and TIM PARADIS, AP Business Writers Stephen Bernard And Tim Paradis, Ap Business Writers 4 mins ago
NEW YORK – Stocks rocketed higher and bond prices fell Monday after investors were reassured by a nearly $1 trillion plan to avoid a European debt crisis.
The Dow Jones industrial average rose about 430 points. The Dow and broader stock indexes rose more than 4 percent. Markets also barreled higher in Europe.
"The market is breathing a huge sigh of relief that the EU has taken aggressive steps to contain the EU crisis in the weaker states," said Alan Gayle, senior investment strategist at RidgeWorth Investments.
The 16 countries that use the euro and the International Monetary Fund have agreed to create a nearly $1 trillion rescue fund to support European nations burdened by heavy debt. Markets around the world plummeted last week as fears escalated that Greece's debt problems would spread throughout Europe and upend a global economic recovery.
Investors also feared that if Greece didn't get a bailout, the fate of the euro, which is used by 16 countries, could be in trouble. The euro rose Monday against the dollar.
05-10-2010, 11:21 AM #269
But where there is blood there will always be killer sharks. Until such sick and lazy countries have a complete change-over they will always be open to future attacks. Do you think countries like Greece, Spain, Portugal, and Italy are willing to put up with persoanl sacrifices the way the South Koreans did during the last Asian financial crisis to bring their country back to health? The Koreans gave away their personal gold holdings to their country.
The Spaniards are used to 3-hours lunch break. Are they prepared to have no lunch break and instead have their lunch at work?
05-10-2010, 11:27 AM #270
05-10-2010, 12:31 PM #271
Quants loves charts huh?
05-10-2010, 10:07 PM #272
For Obama-bashers here is something that shows his sense of the big picture and statesmanship, i.e. http://www.nytimes.com/2010/05/11/bu...er=rss&emc=rss.
However, I have a sense of unease about the leadership of the EU. It is increasingly becoming obvious the EU is becoming a toothless tiger. Its common currency the Euro has an independent central bank but it has no control over member country's single treasury, tax system (there are many Greece-type tax systems in the EU), or budgetary authority (how can some countries "cheat" and spend, spend, and spend more?). The Euro's ECB is like a carpenter with no tools.