Greece's problem is the same as every other indebted nation's problem - the rich took their money and hid it in offshore tax shelters,
to the tune of $21 TRILLION.
As for Texas not being close to Greece?
Really?
California also settled the Enron lawsuit for pennies on the dollar - thanks to a Republican governor. We still haven't recovered from that - ESPECIALLY since we were also heavily exposed to the real estate market. Had we not passed Prop 13 - and this is a nod to you antitax folks out there - we would have been even more heavily dependent on property taxes. What a disaster that would have been.
As for asking for a bailout, taxpayers happily bailed out the banks and there was no Tea Party protest when Bush made it happen. What's up with that?
Greece has problem is they have no real revenue collect base, and they are socialist and have been for a very long time and people are allowed to retire early in life and still collect a payment from government.
as the the Texas question, i was answering a Texas California question, of who is closer to Greece, its CA.
California is a tax and spend state, they have never proposed a tax they did not like, well, i don't have a problem with a state on how they wish to run it, as long as they do not seek to ask government for any bailout.
government bailout banks, because of their influence in Washington, which is wrong, government bailout out GM, to save the unions.
bailouts are not constitutional, no where in the constitution can the government be venture capitalist.
beside CA, NY, and ILL, are in financial trouble, if government opens the door to bailout a STATE, then other states will demand a bailout also.
our government is broke ,it has no money, it borrows 43 cents out of every dollar and spends 10 billion dollars a day.
tax and spending will not work, ...government must be reduced in size and scope to survive , if it does not it will fall, or it will on its own be forced to stop its welfare and war state.