RUSH: Another bailout in Greece. Now, you may not care about Greece, but you need to at least be informed because if something doesn’t change, Greece is us. And Greece could very well end up being a state if not us. “Greece won a second massive financial bailout in the early hours of Tuesday morning when its partners in the 17-country eurozone finally stitched together a euro130 billion ($170 billion) rescue, meant to avoid a potentially disastrous default and secure the euro currency’s future.” Can I give you the details of this? This $170 billion bailout hinged on squeezing last-minute concessions out of private holders of Greek debt. This is the same way Obama bailed out GM and Chrysler.
He went to private individuals who owned bonds as opposed to stock, and Obama told ’em: “Guess what, guys? You are eating the short end on this.” The bondholders at first opposed, Obama called ’em greedy, said “everybody has to sacrifice,” and the bondholders ended you up taking a bath. The UAW and Obama were the big winners. They had the company handed to them. Now, in Greece, $170 billion bailout hinged on squeezing last-minute concessions out of private holders, individuals of Greek debt. Banks and other investment funds are going to have to forgive $142 billion in debt. Banks and investment funds are just gonna have to write off $142 billion that people owe them.
And furthermore, they have been told that they must forgo profits on their remaining holdings. They’ve been wiped out! They essentially have been told to take a face-value loss of 53.5% on their bonds. They’re gonna have to just forget $142 billion that people owe them and promise to forgo profits on what’s left. Luckily, ladies and gentlemen, they’re just banks and investment firms that are losing money. They’re not really people! Well, isn’t that what everybody thinks? Corporation, that’s not people. A company isn’t people. I’ve had sniveling little leftists call me here and very snarkily say, “I suppose you’re gonna tell me a corporation’s people.”
Yeah, it is. Without people, there is no corporation.
“Yeah, yeah,” and they just lose it.
Banks, investment firms? Ah, they’re not really people. No widows or orphans have savings or any investments in banks or investment firms. There aren’t any teacher pension funds invested there. No, no, no, they’re not real people here! Now, you might think that it’s banks and investment funds that are eating it, but who invests with them? Average, ordinary people. Banks and investment firms are people. And they’ve been told, with a smile, “Guess what? You’re wiped out! We’re gonna bail out the slothful losers in Greece so they continue to have to do nothing to get their pensions — and, meanwhile, you’re wiped out. You’re the one that’s gonna pay for it.”
They’re not really people. No widows or orphans are invested there. Besides, this gonna teach people to invest in Greece, right? You can’t wait now! Why do you think the stock market jumped over 13,000 in this country? There aren’t too many wise people with skin in the game that want to throw money into Europe right now. Look what happened to people who did! They were just told, “You’re eating it, pal. You are gonna soak up $142 billion in debt. You’re just gonna give it away, and you are not allowed any profit on the rest of your holdings.” That’s how it happened in Greece. It could happen here.