News out of the U.S. and Europe today could mean more spending at home and more debt problems in Greece. But Josh Brown of Fusion Analytics says neither piece of news will make a huge difference in the markets.
Greece today is trying to find another few hundred million dollars worth of budget cuts. Meanwhile, the rating agency Moody's has downgraded the credit ratings of six European countries, which is likely to make matters worse.
Overnight, the Greek parliament imposed drastic cuts that will layoff some 150,000 government workers, raise the retirement age and lower the minimum wage by 20 percent. What would the same cutbacks feel like here in the U.S.?
Greeks rioted over the weekend, burning dozens of buildings in protest against budget cuts that are the latest condition for a $170 billion bailout from the European Union and the International Monetary Fund.
Many Greeks spent the weekend protesting against austerity cuts in their country, in part because individuals and businesses are already having trouble scraping by.