Blame the Banks

There is another side to the Greek story, told by Sergey Glazyev, a Russian economist, politician, member of the Academy of Sciences and adviser to President. Putin. His article, “The Care and Feeding of a Financial Black Hole” is posted on zerohedge.com.  Like all Communists, he blames the “greedy banks”. 

http://www.zerohedge.com/news/2015-06-30/care-and-feeding-financial-black-hole

But the real other side of this story is that the banks did lend Greece $360 billion and that was way too much to lend to a tax and spend welfare state.  So, the banks created their own losses by lending to a non-credit-worthy borrower. Like those with “no doc loans”, who lost their homes to mortgage foreclosure, the fault lies with both. If a family loses its income due to layoffs, banks should cut them some slack. But if they pay too much for a house and they pull out all of the equity and the value drops so their mortgage is more than the house is worth, it’s their fault too. That’s what Greece did and that’s what our government is doing in the US.

Norb Leahy, Dunwoody GA Tea Party Leader