Page 2 - It Defaults News Today

Felt that my dream is flying away, what it would look like out there. >> that is amazing. >> as the bird flies away your dreams can soar, as well? >> yes, precisely. >> kelly: his works have been featured in art galleries around the world. he was selected to design ornaments for the white house christmas tree. his book is the first book to be published by his alma mater. >> case of man who went missing off a new york beach taking a bizarre twist after he turns up alive. why his wife says he is a...

Want to loan them money and in their banks where ordinary greeks took out 700 million euros on monday alone. but greece is tiny, so who cares if it defaults. think back to the terrifying logic of bank runs. if one indebted country goes down, will the next? and thats the worry. the if greece can fall to a run, what about portugal or ireland or spain or italy? suddenly its become easy to see how the euro, that grand flawed experiment in monetary political union, could come apart at the seams. we a...

An fdic. they thought they would get their money, but they were wrong. the run is in the financial market where investors dont want to loan them money and in their banks where ordinary greeks took out 7 million euros on monday alone. greece is tiny so what cares if it defaults. if one endebted country goes down, will the next? what about portugal or ireland or spain. sud seasonally its become easy to see,000 euro, that grand flawed experiment could come pa apart at the seams. things could fall a...

Germany. and basically, many people think it is too big to bail. there are lots of people who say, this is just, you know the markets will be watching it so carefully. because it is not enough that berlusconi is out. italy is in much bigger trouble than greece, if it defaults. it is in much worse -- it has six times the debt, basically. their problems are far, far greater. theres a lot more that needs to be done. it could have a far greater impact on us, in america. >> what can we do on our end ...

Deserve a lower rate. you gamble, right? you put a bet down on virginia over the weekend and the line moves, which would have given you a much more favorable line. you said you know what? that line moved. i changed my mind. give me better rate? yes or no? >> bob: i understand what you are saying but the point is these people can stay in their home and not go to foreclosure. they have shown history of paying mortgage at higher rates, they should get the lower rates. its not gamble for me -- >> da...

in spending that weve already cut from the budget, our plan makes additional spending cuts that need to happen if were to solve this problem. we reform agriculture subsidies. subsidies that a lot of times pay large farms for crops that they dont grow. we make modest adjustments to federal retirement programs. we reduce by tens of billions of dollars the tax money that goes to fannie mae and freddie mac. we also ask the largest financial firms, companies saved by tax dollars during fina...

Taxes. some tried to push their way into parliament. others struck from a distance. throwing molotov cocktails. the protests coinciding with a nationwide strike which kept planes on the ground, ships in the docks. office buildings empty and tourist attractions closed. >> greece is one of 16 countries on the euro. if it defaults on its debt, analysts say that could be a huge blow to the shared currency. >> this is about nothing less than the future of europe. >> shepard: so germany and other nati...

Left wing opposition party is taking to the street in a major demonstration against prime minister berlusconi. hes in trouble . italy being monitored by the international monetary fund. that was embarrassing thing to happen in the meeting and being baby sat to make sure they can get their reform in order. you can see a lot of similarities between italy and greece. the difference is that italy is so much bigger. if it defaults, so many more problems. >> all right, greg. thank you very much. how d...

Latest updates on this topic.

This is not an abstraction. if the united states government for the first time cannot pay its bills, if it defaults, then the consequences for the u.s. economy will be significant. and unpredictable. and that is not a good thing. >> the president insisted that a legislative deal to raise the debt ceiling is necessary by august 2nd and legislation should include both spending cuts and tax revenue increases. he explained that he does not mean raising income tax rates. instead, he wants to reduce o...