Why are they bailing out Greece?

The Europeans (mostly Germany) have poured E200 billion down the Greek rathole. After all this money, Greece will still give its bondholders a 70% haircut. It would be cheaper for Europe to just let the Greeks go broke. Greece would be unable to borrow, and would have to lay off civil servants, cut benefits, stiff creditors, and issue IOU's to cover its bills. This would be tough on the Greeks, but so what?
One unspoken reason for European generosity, is a fear that a Greek default will break their banks too. Euro bankers have bought staggering amounts of Greek bonds, suckered in by the high interest rates the Greeks promised to pay. If the Greeks default, all those banks will take a big hit. So why not hang the Greeks out to dry and put the Greek bailout money directly into your own banks? Why give the money to the Greeks and hope the Greeks will pay off their bonds? Putting the money right into your bank is less error prone, and less opportunity for sticky fingers to steal the money.
Another unspoken reason to bail out the Greeks, is the hope of making a killing. Plenty of Greek bonds have already been dumped for a song. Bondholders estimate the chances of Greece making payments as low (less than zero) and take advantage of getting a tiny bit of their money back, as opposed to losing it all. So Europe is full of speculators holding Greek bonds that they bought for a tiny fraction of their face value. These speculators are hoping for bailouts that let the Greeks pay off at full face value. If this happens, they get rich. Really rich.
One of the sticking points in the the wheeling and dealing between Greece and the EU has been this very matter. The Greeks want to pay off their bonds for what the bond holder paid for them, rather than full face value. I believe the Greeks won this point, which will save them a LOT of money.
At any rate, it's hard for an American to believe that Euro speculators have enough clout to get EU governments to use citizen's tax money to make them rich.
Is there some other hidden reason for bailing out Greece?

Stolen Valor

They passed a Federal law making it a crime to boast of military medals that had not been issued. The ACLU is challanging this law, claiming that free speech gives scumbags the right to boast of having the Congressional Medal of Honor when no such award had occurred.
I'll agree with the ACLU that the Stolen Valor act is a bad idea, and not needed. Once exposed, such scumbags are shunned, their reputations are destroyed, nobody will do business with them, or hire them. If that won't discourage the practice, some jail time isn't going to do any good.
If the ACLU wanted to actually help the cause of free speech, they ought to look into the laws that make lying to the police a crime in itself. These laws are just catch22. If the cops care, all they have to do is grill the suspect for a couple of days, and then do a little investigation. It won't be all that hard to find something that the suspect said that ain't true. Then they got him for lying to police. Even when the cops cannot find enough evidence to bring the suspect to trial on the original charges, they have a slam dunk case of lying to the police.
To my way of thinking, this is unAmerican. The suspect can try and get off by saying anything he can think of. He isn't under oath. Locking the suspect up for trying to get off isn't fair.

Price of Gasoline

You must have noticed that the price of gas is pushing toward $4 a gallon, maybe $5 this summer. The MSM always follows this downer news item with the observation that Obama cannot do anything about the price of gas.
That's not true. Obama could resume issuing drilling permits in the Gulf. He could have OK'ed the Keystone XL pipeline. He could authorize oil exploration in the "Arctic National Wildlife Refuge" (a barren piece of tundra on the shore of the Arctic ocean). He could stop shutting down gasoline refineries in the Caribbean. He could issue leases to develop oil shale in Colorado. He could junk the boutique gasoline blending rules that prevent selling gasoline across state lines. Obama thinks we will all be happy on solar and wind power after he drives the price of oil thru the roof. He wants to price oil out of the reach of citizens so they will have no choice but to go to "alternate energy". He's making progress toward that goal.

Flicks

Over on PJ Media we have Whittle and Klavan discussing the sad state of the Oscars. Both of these guys are movie buffs, and both admitted that they had NOT seen most/all of the Oscar nominated movies. In short, this years crop of flicks was too boring for them to watch.
Whittle brought up the pacing of today's CGI based flick. Too intense. The classic flicks would start off slow, follow the hero around, meet his associates, ride around the ranch, get acquainted stuff. The movie would work up a a climax (a stampede, a car chase, a battle, and then end. Whittle says the modern flicks just go from one climax scene to another, non stop action, and the audience doesn't have time, or breath, to take much of it in.
Whittle is onto something here. And it was Raiders of the Lost Ark that started this trend. Just action scene piled upon action scene.

Mitt.

Mitt has some problems. First and foremost, he hasn't told us what he would do if elected. No campaign promises. Mitt apparently believes that the less he says the better. Talking substance only makes you enemies, never friends, so he has decided to say as little as possible, while standing four square for motherhood and apple pie.
Second, it should be apparent to anyone that Mitt is not going to go to bat for all those favorite wedge issues like gay marriage, abortion, birth control, gun control, and you can fill in the rest. Mitt is a business man and he will do whatt he can about jobs and the economy, but he won't mix it up in the social issues area.
But Mitt is acceptable to the middle of the road independents, who actually control the election. Rick Santorum still looks like a right wing crazy to the independents.
Me, I want to win the election, four more years of Obama will bring the US down to where Greece is.

Words of the Weasel, part 27

"closing tax loopholes" actually means "tax hike".
"Balanced deficit reduction" actually means "tax hike".

Do I believe this?

Prominent bloggers are suggesting that Obama kicked off the Catholic contraception furor just to distract voters and Lame Stream Media from the really awful lack of jobs in he country , and the just as awful Federal debt.