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Greek Economic Crisis Could Impact U.S. As Debt Ceiling Negotiations Continue

June 22, 2011 by  

The debt crisis in Greece may be felt in the U.S.European officials are currently considering the second bailout for Greece in a year, something that some experts say could greatly impact the United States economy.

“We’ve discovered that the United States is very interconnected with the rest of the globe in the last couple of years,” Jon Hilsenrath, The Wall Street Journal‘s chief economic correspondent, said on ABC’s Good Morning America. “Our economy is very vulnerable to shocks right now. It’s not like we were in the 1980s and the 2000s when there were shocks like Hurricane Katrina or the tech bubble burst, and the economy kind of sailed right through.”

The impact of a Greek bailout comes at a difficult time for America, as lawmakers debate the merits of raising the debt ceiling. Fox News reports that negotiators have given a July 1 deadline for a decision to be reached.

Vice President Joe Biden, who is helping to oversee the negotiations, says that the deadline is needed so that both Republicans and Democrats can take a compromise and sell it to their caucuses in anticipation of Aug. 2, the date Treasury Secretary Tim Geithner has given as the time when America would begin defaulting on its debts.

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  • TIME

    Is it possible that the media has put two and two togehter, on MED?
    “Mutual Economic Destruction” My God really an agreement set up all those years ago, is it possible someone in the media reads?

    Or perhaps a better question is why are they now letting everyone know about it? Yea, I think thats the right question.

  • http://www.diyyardandhome.com Dan

    Everyone knows you can’t Fundamentally Transform American without collapsing our economy first. This is Obama’s goal along with his socialists cabinet and czars.

    • JC

      “The way to kill capitalism is Taxes, taxes and more taxes”
      Karl Marx

      Now throw in a fiat currency and an out of control Federal Reserve printing money like its going out of style…and you have the perfect storm.

      Here’s a skit done by some Australian Satirists on the European Economic Meltdown that quite funny…right up till you stop laughing.

      http://www.youtube.com/watch?v=I5QwKEwo4Bc

  • s c

    Why are people so STUPID when it comes to economic bailouts? Is it genetic, or is it something in their water supply?
    If Greece matters so much (after they took so much time and trouble to royally hose themselves for so long?), and let Georgie Soros and Carlos (we don’t need no stinkin’ responsibility) Slim plus several of this world’s money-grubbing, ‘mainstream churches’ and let THEM take care of Greece. Let THEM worry about getting their money back – for a change – NOT America.

    • James

      They do it to protect their banking system, they don’t believe any economy can function without banks.

  • http://www.easyinvest.co.za peter

    Has Geithner actually said that that is the date that America will begin defaulting on it’s loans? What can we expect now? Has he a solution or is that for Bernanke to decide?The remainder of this year should be very interesting indeed.Seems we live from one crisis to the next – not very encouraging at all.Why should we have to quit smoking when we are committing suicide all day long anyway.

    • James

      What we can expect is that nations to whom we owe money will start to hate us and plan for war against us to recoupe their losses. China is building its first aircraft carrier, while the British Empire just sold its last one. Just recently California released aboout 1/3 of its prisoners, they no longer can afford to feed, cloth and house them. With no jobs available, guess what those prisoners will do.

      • Ret

        How many of those prisoners were illegals to begin with. I really feel stoopider and stoopider. No money for jails, wanna stop planned parenthood (need those unwanted, uncared for future gang members), wanna let every illegal in the world come in, but wanna cut welfare. No job? No big deal. Jus go to da prison a lettle bit, den dey let you out. No problemo. Like the monopoly game, go back to square one and start your crime spree again.

        You’re illegal but wanna go to college? No big deal, you get instate rates. You one high mucka muck, no wanna pay taxes, so hire da illegal? No problem. You big business, you no wanna pay no taxes? No problemo. In fact, we give you one rebate on da tax u no pay.

        Suckers, who gonna pay for dis? We iz. Oh and jus for fun, throw in Michelles world jaunts with the kids. Nah, no worries, probably only a mil or so, chump change.

        • Dan az

          :) :)

  • 45caliber

    Stop the rising debt. Cut all expenses to the bone – and past if necessary. Put the govnerment on a BALANCED budget that includes ALL expenses. This is the ONLY way we can continue. Let’s do it now, not after those in office can get all the goodies they want first.

    • James

      How do you propose we do that? Congress esablishes their budget and they have agreed to spend at least $1 trillion more than the revenue on hand. Their proposed future budgets will add, at least, $1 trillion per year to the national debt.

    • meteorlady

      Maybe we should hold our tax dollars as ranson until they government stops spending, stops lobbying, stops special deals for corporations, and gives right back to the states. Of course that would mean we stop paying our taxes for a time, but hey, the IRS is so inept that it would take them years to get us all and then they wouldn’t know what to do with us when they did get us.

      • Dan az

        Hey maybe they will send us to cal.then we can be back here tomorrow.I hear the jail time there is catch and release.Just a thought!

      • Bob Marshall

        You gotta love it!

    • eddie47d

      Our economy affected the world in 2008 and now their economies are affecting us. Unless we as a nation can survive on our own (finances,food,oil,etc) then this same scenario will be played over and over again.

      • http://burkecomputers.blogspot.com/ DanB

        How can our nation survive on its own? Get out debt. Hmm, I am thinking that our politicians don’t want an independent America on top of the world. They would rather strap us with such debt that we are slaves to ourselves and everyone else. No longer our own masters of our own destiny.

        I believe that we should not raise the debt ceiling. I believe that we should cut our spending, our taxes, and our regulations. All this to spur growth and get us out of financial bondage so we can continue to provide for the needy, the sick, and the elderly.

        While I believe the correct course is to get out of our financial bondage, I also happen to believe that as a nation we will do all the wrong things for all the wrong reasons. We won’t curb spending. The politicians continue to prove that. They will raise taxes. They will push more regulations on business. The economy is going to collapse. In fact, I am beginning to hope Greece collapses soon. For once that happens, all those projections that America is insolvent in ten to twenty years will be updated to America being insolvent now. Then perhaps with a large dose of reality we can have the disaster we now is coming. Why now just after our “great recession”? Because as people we are still good. The gears are in place to change us as a nation until we become like Greece in more than just financial collapse. We are becoming them as a people. Just look at the protests in Wisconsin. It won’t be long before we become the very people who trash America and all it once stood for. Sacrificing our freedoms in the name of saving our perceived freedoms.

  • meteorlady

    Greece promised, under terms of the first bailout, to cut back on spending. Did they? No…. Now Germany is angry that they have to bail out a couple of irresponsible countries and it would possibly collapse the EU and the Euro. I would be more than happy to see these “unions” collapse and poor George Soros will probably have a heart attack and die, which would be good for the world in general.

    It’s sort of like us and California and the rest of the liberal spending states that like to protect illegals and give everyone something for nothing. I hate that I work hard, stay educated and then have to fork over money to California who can’t seem to get it right.

    • JC

      And where is Germany going to get the money to lend that they “know” they will never see again?

      Oh yeah! Just fire up the printing presses….

  • JC

    Another aspect of our own meltdown…

    From an email:

    Has any body else experienced difficulty in completing the recent census form?

    Because they just sent my census form back!!

    In answer to the question;
    “Do you have any dependants?”

    I put;

    ‘Refugees, Illegal Immigrants, Asylum seekers, Drug Addicts,

    Unemployable Bastards, Starving Artists, Quebec, Africa Militant Muslims, Politicians,

    Public Sector Unions, General Motors, Chrysler

    Haiti, half of Eastern Europe and 5 million First Nations people.

    Apparently they didn’t think that was an appropriate answer. ;)

    • eddie47d

      Maybe because you didn’t give any intelligent answers. Is that how you answered questions in school? I’m surprised they even sent it back to you.How can you want an efficient government when they have to deal with the likes of you. Your remarks should have been sent separately to the Census Bureau or to your Representative.

      • JC

        Commie 47d…
        The post SAYS that it is from an email.
        The whole thing is written as satire.
        And any way you look at it, it’s all too damned true.
        And you still aren’t very damned bright at all, are you?

    • TIME

      JC,
      Good job you covered the whole lot of them……LMAO. ;-)

    • Dan az

      JC
      That was a keeper I gunna send that one on. :)
      Eddie has the dreaded foot in mouth disease ignore him, with out a reply he may simple disappear for good.

      • eddie47d

        No such luck sheeple Dan and Fascist JC. JC gives new meaning to repetitive insanity.

        • JC

          And Commie47d proves once again that he has no clue what a fascist is or what a Constitutionalist is…let alone a Libertarian.

          Onward through the fog lil Kamrade. ;)

      • JC

        Dan for sure pass it on…maybe delete the word Quebec though.
        I think the email must have originated from a Canadian. :)

  • chuckb

    what a remarkable resemblance between greece and a few of our states here. the same problem. let greece sink, take the unions out of civil employment, remove the unions from education, people can protect themselves by their productivity level. if a teacher needs a union to protect their job, then i doubt the school needs that particular teacher.
    this country is too involved with the world, we are not the police of the planet, we shouldn’t be the worlds finance agency. we should dump these one world believers, let them go live with the europeans.

  • Rick

    EVERYONE. HEADS UP.

    Robert Smith is posting a URL in this blog that has to do with boycotting Fox News.

    DO NOT….I REPEAT (EMPHATICALLY)…DO NOT OPEN OR ACCESS THIS URL!!!

    I did last night to give him the benefit of the doubt regarding some facts and within 30 seconds my home computer was TOAST!! I run Kaspersky on my computers. I had alerts popping up all over the place that a virus had been detected, some program was trying to access a UDP (that’s a type of port and is related to protocols), and different windows started to pop up to block the attack. As soon as I clicked on one of the windows my desktop went “POOF”. I’ve been trying since to recover but to no avail. All my files are gone, my workspace is clear, and the “task manager” shows 2 users active but I can’t close either of them out. I’ve run kaspersky 5 times now to no avail. My restore points have been removed and no files can be located even though my hard drive is full. I cannot even access the directory tree. This virus/malware is serious CRAP!!

    For EVERYONES benefit. DO NOT OPEN ANY URLs PROVIDED BY ROBERT SMITH OR ANY URLs INDICATING A TOPIC OF BOYCOTT AGAINST FOX NEWS AS A MINIMUM PRECAUTION. I would seriously be skeptical of any URLs posted by any of the Progressive Liberalretards on this site.

    Be forewarned!! All I have for a computer now is my laptop. If I knew where Mr. Smith resided I’d be slamming him with federal charges for promulgating this virus and then go after him for reparations.

    • JC

      Ban Robert Smith.

  • Bob Marshall

    Now, i see the IMF is worried about Spain next.

  • Gladiator

    Most of protests are Staged and very well Orchestrated, they pretend fighting but do not hurt each other. This is worth it to get hundreds of billions from EU. Greeks are very smart; the deception started with the Trojan Horse and is going on with very well orchestrated “PROTESTS”. If you want Greece to be paid off, for the Enormous Army, Universal Free Health Care, Lucrative Pensions, and Taxes that they never Pay, then you pay them by yourself, PAY THEM OFF, BY YOUR OWN POCKET.
    DON’T LET GREECE TO DRAG YOU DOWN. CUT OFF THE ROPE, AND LET THEM GO FIRST…

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