What do to about Greece ?

Telegraph Live: Reports that there was nothing BIG that came of the chat between France, Germany and Greece, just the usual that Greece belongs in the Euro. In other words folks a pointless chat, are these leaders still on holiday. The markets have been waiting the whole day for some plan to resolve Greece, and what do we get, PR rubbish. Does anyone really think that Greece will not default, that the Euro has to clean house of the PIIGS. No wonder the EU and the Euro is heading for a cliff, there are no Thatcher’s today.

40% Approval for Obama = Gallup

Gallup: Reports on its latest daily tracking poll for the job performance of President Obama, today the President Obama has a 40% Approval rating, while 52% of Average voters Disapprove of the Obama record. Yes folks this political blog checks the daily tracking polls, its that geeky, but if you keep the average in mind and look at the overall political picture it gives your political instincts a good sense of what is going in the US. But even this blog was shocked when the Democrats lost a safe House seat in New York State. One has to postulate is Secretary Clinton wondering if she should do a Ronald Reagan of 1976 and challenge President Obama for the Democratic nomination. What if President Obama does go down do defeat, will that hurt a future Clinton Campaign, she is his Secretary of State, and the fraught relationship between the Oval and Israel is under her watch, as Chief Diplomat. One has to wonder what former President Bill Clinton is telling her in private, lets recall the Obama Campaign did use the race card on Bill Clinton, see as the first “ back President ” by many, does he want political revenge on the Oval. The question that has to be asked is Hillary Clinton too loyal to Obama, verses her own political future.

5pm Call - Eurozone Crisis

Guardian Live: Reports that upcoming telephone call between France, Germany and Greece, the talk will discuss how Greece plans to meets its austerity package and the proof that there is follow through in Greece. Interesting use of the word proof my France, the French Banks are sinking under Greek debt, as Greece has shown it cant be trusted, he only put through its latest land tax because the EU threatened to cut bait when it comes to Athens. The costs of the Greek austerity package is on the backs of the Greek people, Greece will never be able to pay back the bailouts, never mind its debt. Greek is going down, it just depends who else it takes down with it, this blog cant see Germany taking on the debt of the PIIGS. The German Coalition could fall if the Chancellor goes to far against the German will. Thus will be very surprised if this call solves the problem, its never that easy folks.

Eurozone Crisis - Latest

Telegraph Live: Reports that the Italian Government has won its confidence vote when it comes to its austerity package. Lets be honest here folks, the Italy is now owned by the European Central Bank, the ECB has to keep buying Italian bonds or Italy goes down the drain. The problem is the Italian Government and PM Silvio Berlusconi, he has more scandals than this blog has had health dinners! Thus what ever package is passed will it be taken through, that’s the problem with Greece, it has been very slow to follow through, it had to pass a emergency land tax just to keep the EU, IMF, happy. Also the markets are up on the idea that France, Germany and Greece will have a plan at 5.05pm today, good luck with that, Germany in effect pays ALL the debt of the PIIGS or Greece has to get out of the Euro. The German Coalition Government has taken a battering in local elections, thus the Chancellor has to take her Government with her, never mind the German voter. If Germany would underwrite EU bonds then the PIIGS might be saved, but it’s a tough sell to the German voter, even then it might fail. Thus Greece needs to default, the Governments of Germany and France need to protect their banks and then give loans to Greece. The Euro can go on folks but with a smaller number of countries, if you try to save them all you will destroy the Euro.

UK Unemployment UP!

BBC News: Reports on the latest unemployment figures, over the last 3 months till July over eight thousand people have lost their jobs, thus the total out of work stands at 2.51 million, that a rate of 7.9%. Folks it is going to get a lot worse, the government cuts have just started, in the US, the unemployment rate is at 9.1% and is expected to stay that way through 2012, that around 14 million Americans out of work. But one should recall this is illusion folks, you have people who have part time jobs who want full time jobs, Graduates having to take non graduate jobs, you have people in their late 40s and 50s who have given up, its lot harder to get a job when your in your late 40s and 50s. Lets look at the austerity packages passed by Ireland, Italy, and Greece, the cutting of the public sector has lead to job losses, those thrown out of work have not found work in the private sector due to the fact that the economy it these countries has retracted thus no private sector hiring. It is a vicious path folks, Government cuts, less money in the economy, less products bough, less people hired. The debt mountain in the EU has to reduced, but the cost will hurt folks, it will be painful.

55% Disapproval for POTUS - CNN/ORC

CNN: Reports on its latest job performance poll for President Obama, in its latest poll POTUS has a 43% Approval rating, while 55% of average US voters Disapprove of the Obama record. The best way for Obama to sink his Presidency is to carry on with his calls for tax hikes, someone needs to teach him a political case study, lets call it Walter Mondale in 1984, who when nominated called for higher taxes, the result, Reagan won 49 States, 59% of the vote and 525 Electoral votes, the highest ever. The loss of a very safe Democratic Seat in the House should be a major warning to the Oval, but the ego of the Oval and its hubris is beyond learning basic political lessons, shame really, Obama could have been a contender for greatness.

The Democratic Spin - House Upset

The New York Times: Reports the Democratic SPIN how the significant Jewish vote was a major factor in the Democrats losing a safe seat in New York. This will be the Democratic spin NOW from the Democrats, as Obama has a fraught relationship with the Israeli Government this seat is different from other seats, thus the result can be discarded. Lets be honest folks, if rank and file House and Senate members believe that they are heading for political oblivion, if by start of the year Obama’s poll ratings are not higher or he is a political dodo expect Democrats to distance themselves from the Oval, at the end of the day for a politician you have to get elected, otherwise you’re a loser. The political clock is ticking for the Oval.

The New York Warning - House Upset!

The Hill: Reports on the upset victory by Republicans in a Special House Seat election. The last time a Republican was elected to that seat was in 1923 folks, it’s a very blue area, a safe seat in UK terms. It can be argued that President Obama’s jobs plan didn’t go down well, tax hikes never do folks, also Obama has a very frosty relationship with the Israeli Government, the seat has a high level of voters of the Jewish faith. Thus the Republican House can reject the Obama jobs plan with out much fear, also the Republican field can start to attack Obama on his Middle East policy. The Jewish vote makes up one of the most important core voting blocks in some important states, such as Florida, POTUS can not afford to lose the Jewish vote, it would be 1972, 1984 all over again, Obama would lose by 49 States.