After stocks dropped about a thousand points on Thursday in just a few minutes, President Obama has ordered an investigation. But don't expect any smoking gun.
There's no question the market was manipulated, but the guys behind it are far too smart to get caught. Instead, millions of honest investors got hammered, people like you and me.
Fox Business correspondent Stuart Varney, a smart and honest guy, says that somebody made a mistake in trading Procter & Gamble, which ignited the market drop. Stuart also reports the Greek situation has people nervous. Perhaps.
But "Talking Points" thinks the whole thing was contrived and that wise guys made billions as the market recovered in the afternoon. As always, I could be wrong.
As for the Greek situation, it's totally out of control. People are rioting over there because they don't want their benefits cut. They want to continue living in their socialist paradise, even though Greece owes almost a half-trillion dollars and can't pay it back. Those loons in the street don't care about their country. They want what they want, and blank you if you don't like it. That's what socialism is all about. Give me stuff at other people's expense.
Now, if you're a Greek citizen, you get free education, including college. You get free health care. You get a generous pension. And in some cases, you can retire at 55. You get six weeks of paid vacation each year. Also, many Greeks don't pay any taxes. Even though the VAT is 21 percent, the underground economy rules.
The USA will send Greece billions of bucks through the International Monetary Fund. That means our tax money is going to bail out those irresponsible people.
Next on the list: Portugal. Then it could be Italy. Most of the great entitlement nations are on the rocks.
Here in America, California is bankrupt. New York, New Jersey and Illinois nearly bankrupt. In addition, the federal government owes $13 trillion, 37 times what Greece owes. Yet, liberals in America are not calling for spending restraint. They want expanded health care. They want higher taxes, which will strangle the already shaky economy.
President Obama's the leader of that crew, but "Talking Points" believes he will be a one-term president if he doesn't wise up fast. No country can afford the entitlement culture anymore. We must work for what we get. Otherwise, what happened in Greece will happen here.
And that's "The Memo."
Pinheads & Patriots
As you may know, Nashville, Tennessee, has gotten hammered by torrential rains that have caused massive floods. Even the Grand Ole Opry was damaged by water. All of that causing country singer Kenny Chesney to make this appeal.
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KENNY CHESNEY, COUNTRY SINGER: I want to urge all of you guys to do whatever you can to help the people of Nashville. This is — as long as I've been here, this is the toughest thing that's ever happened to this city.
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So anybody sending money to the Red Cross to help the good people of Nashville and Tennessee is a patriot.
On the pinhead front, Nancy Pelosi, how have you been? The speaker of the House saying she doesn't really want to spend a lot of money on drug interdiction because there's another way to do things.
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REP. NANCY PELOSI, D-CALIF., SPEAKER OF THE HOUSE: Treatment on demand to reduce demand in our country is the cheapest way to solve this problem. Incarceration is the next cheapest. It costs seven times more to incarcerate than to have treatment on demand. It costs 15 times more to interdict at the border.
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So what Mrs. Pelosi is saying is that we should not try to stop the drug flow coming into the USA, just deal with it after Americans become drug addicts. Never mind how many crimes they commit to support their habits. Unbelievable. In this case, the speaker is a pinhead.