All the economic blocks came tumbling down by the greed and the avarice of a few nasty individuals….hence the OWS movement and governments response to those protests….we all know this…that is unless you are one of those Geico guys that lives under a rock…..

But last week we got just a pile of good news……EU deal to save Greece and the economy, good employment figures and great GDP report….and as predicted the speculators on Wall Street went on a total orgasmic run on the Markets….all is well in the world and the shining light of prosperity and the American way will once again return so that we Americans have no worries at all….right?

Over last weekend I was talking with a friend who has most of her money in different market accounts and after a horrible couple of years was breathing a shy of relief at all the good news she had seen recently…..of course being the bummer that I am ….I told her to not get too excited just yet….and told her to keep an eye on the European situation for it would influence her investments in the near future…..Of course, she thought I was just being a bummer because she knows of my left leaning views….I smile and said….”I WILL tell you, I told you so”…….

Let me be honest what lead me to say these things was a report in the Telegraph out of London….

As someone who works in financial services, I follow the markets – in the West, across Asia and the entire world – closer than most. Since the Bear Stearns collapse in March 2008, through the demise of Lehman Brothers and its ghastly aftermath, much of my professional life has been dominated by the angry flashing of those little lights on a Bloomberg screen.

In recent years, the violent gyrations on financial markets have been deeply discomforting, causing angst among market professionals, like me – but that is the least significant aspect. For those little lights represent, of course, the ebbs and flows of cash which, in turn, determines the fate of real businesses. It is at the sharp end of employment and livelihoods, dispossessed homes and broken families that the human impact of financial turbulence is most keenly felt.

So, yes, I want such turbulence, which will never be fully-eradicated, nor should it be in a free-market system, to now lessen to more manageable levels. Yet the responses of our politicians to recent financial troubles – hiding behind complexity and kicking the can down the road – have not only failed to temper the volatility, but have actually made it much worse.

Last week’s eurozone “agreement”, for all the related fanfare, was a case in point. Far from making the situation clearer, allowing investors to make considered assessments, this latest announcement made Western Europe’s grotesque debt crisis even more acute, sowing further infectious spores of confusion.

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I you are invested heavily in the markets, which most working Americans are with their 401ks, then keep an eye on the EU thing…..remember NO matter what happens Wall Street gets their cut out of your money….there is only ONE way to strengthen the retirement of Americans….a stronger Social Security that means more government involvement……like it or not……

P.S.  While this draft was waiting posting this bit of info came along…..

If Greek voters reject the unpopular bailout plan it could result in a “hard default”, which could force banks to take losses of about 75 percent on their Greek sovereign bonds, trigger payouts on credit default swap insurance contracts, and raise the threat of a systemic risk.

Like I said keep your eye on the EU……our future is tied to them!  IT IS NOT OVER!