A spokesman for the International Monetary Fund says its team has returned to Washington after negotiators made "no progress" on resolving Greece's debt crisis.
Based on what little I know about economics and listening to the sage advice of Nobel-Prize-winning economist Paul Krugman, the IMF, EU, EC, Germany, and France all need to throw huge amounts of money towards Greece to stimulate their economy. It was just reported this morning that Greece's unemployment rate is now at 27%. Austerity for Greece is not the answer. In addition to those mentioned, the US and Russia also need to throw huge amounts of cash to the Greeks. The Russians may not have much loose cash to throw around but they could certainly help out by providing Greece with all the free natural gas and oil the country might need. It would be a twofer: taking this natural gas/crude oil off the open market would help support global energy prices. So there you have it. Paul Krugman's answer for Greece.Gerry Rice told reporters Thursday that "We are well away from an agreement."
US stock market, the Dow: up almost 250 points yesterday, up another 65 points in early trading today.
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Tesla
From a Seeking Alpha contributor regarding Tesla:
Is Elon Musk reconsidering whether he wants to be a major car player or would he prefer to be a major battery manufacturer? Listening to the powerwall product announcement, I got the impression that Elon Musk is having second thoughts about whether Tesla can ever make money in the automobile industry due to the very high capital requirements.Everybody, it seems, except retail investors who are getting sucked into Tesla, knows this dirty little secret: Tesla is a battery company disguised as an automobile company. As an "automobile company" it will make huge amounts of money by a) selling its CAFE credits to major automobile manufacturers; and, b) being bought out five years from now by GM for the battery technology.
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GE Will Leave Connecticut
Will GE move its headquarters to Texas?
