Wednesday, July 13, 2011

The Daily Snark 7/13

I don't think people realize how scared they should be. I'm not seeing where a deal is going to becoming from, and based on the new flare ups between our parties happening today, it looks even less likely. And all of this is to increase our debt. You know, that thing that is a crushing problem on our economy already? Yeah, we're running the risk of that we can make the problem even worse.

And oh, Europe is boned. Completely. I don't understand how anyone could think Greece is going to get out without defaulting, which will almost certainly take Ireland, Portugal, and Italy with it. If those dominoes fall, Spain falls, too, and Spain is a large part of the EU economy. China, for various reasons, has hitched its wagon to the Euro. So China, which recently announced that its debt has been understated by over half a trillion dollars, is on the hook with Europe as well.

The subprime mortgage crisis could look like the good ol' days very shortly. A lot of sparks flying around a bunch of powder kegs. Link

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