Election in Spain; Ron Paul explains his rise

Voters are swinging from left to right as they search to satisfy their negative mood. Spain on course to elect a conservative as PM
Rajoy, who first challenged for the premiership in 2004, is expected to unseat the Socialists on Sunday amid widespread unhappiness with José Luis Rodríguez Zapatero, who has announced he will stand down after the vote.
Chances are good that he won't last long, similar to Papandreu's reign in Greece, who was in crisis from the first day in office. In the article, Rajoy explains that Spain's government debt levels are low at 70% of GDP, but people are attacking the debt. I see this a lot in the news, but it's completely wrong. The issue with Spain has never been sovereign debt, it's the banking system. Mish has the latest: Spanish Banks Stuck with ‘Unsellable’ Real Estate, 50% of Real Estate Loans are Troubled ; Wave of Debilitating Defaults in Subordinate RMBS Tranches Coming Up; Spain Becomes Eurozone's Weaker Link

As for Ron Paul, he's starting to grab real headlines as he moves into the top tier of Republican candidates. GOP outsider Ron Paul gaining traction in Iowa
"The good news is the country has changed in the last four years in a way I never would have believed," Paul told about 80 Republicans and independents at the Pizza Ranch restaurant in this town on Friday. "In the last four years, something dramatic has happened."
What has changed? Social mood.

No comments:

Post a Comment