EUROPEAN FINANCIAL CRISIS WORSENS

Spain and Italy are the latest nations to join the ranks of countries in severe financial distress, and Germany is showing no signs of being willing to bail them out.  Like the United States, their financial difficulties stem from rampant overspending to the point of financial ruin, and they have failed to step up to the plate to control their expenses.  The rest of the world, U.S. included, is paying close attention to that crisis; the fragility of the entire European economy is such that a failure could pull the rest of the world into a worldwide depression of catastrophic proportions. 

COMMENTS:

And our illustrious President wants the U.S. to be just like them. 

TODAY’S QUERIES & ANSWERS:

Q. How can there be a special class of U.S. “Super Citizens?”  (Nancy ~ Goleta, CA)

A. Here’s the quandary: If you are the child of a foreign diplomat you are under diplomatic immunity; if you were also born here, you are a U.S. citizen.  Hence, you are a U.S. citizen with diplomatic immunity who doesn’t have to pay parking tickets and can disobey the speed limit.  Now, if you also happen to be Mexican, I presume that means you can smuggle and sell drugs here and get away with it.  Don’t yell at me; I’m just the messenger.   

Q. Where’s the President’s plan to resolve the debt ceiling impasse?  (Byron ~ Santa Fe, NM)

A. He did provide one early in the game that had no spending decreases, lots of taxes and more spending.  That got shouted down in a hurry by both parties and was widely seen as deliberately useless.   He has not come back with another alternative and it is obvious the first budget was not intended to be anything other than a means to force the current fight so he could make the Republicans look bad.  That’s the way he plays the game; by his rules. 

Q. Will the debt ceiling ultimately be raised? (Norm ~ Redding, CA)

A. Absolutely.  The Republicans will agree to raise it after we have a balanced budget and deficit–reduction plan in place; the Democrats will agree to raise it after they increase taxes.  But, if they don’t raise it right away, (say they wait until August 4^th or 5^th), I don’t see any immediate change in interest rates or the way international monetary business is done, contrary to what the tax cheat in the Treasury Office says.     

TODAY’S QUOTE:

"The House Republicans have a plan. We passed our budget back in the spring, outlined our priorities. Where's the President's plan? When's he going to lay his cards on the table? This debt limit increase is his problem and I think it's time for him to lead by putting his plan on the table, something that the Congress can pass." ~ John Boehner

TODAY’S VIDEO:

http://video.foxnews.com/v/1047914678001/lefts-namecalling-gets-nastier