The Dow Jones Industrial average plummeted today over concerns about the massive debt and fiscal crisis in Greece. It seems that by this weekend we will find out if the European Union (EU) will bail out the nation. What I find interesting is that considering the reasons behind the crisis it does not make any difference if Greece gets bailed out or not.

If we look at the causes of the current situation in Greece we will find similar situations growing in the State of California and to a lesser degree, the US. It seems that since the first of the bailouts occured in late 2008 and the prospect of more to come; everyone is focused on staving off the day of collapse instead of focusing on how to prevent the ultimate failure.

For example, the state of CA, like Greece has been promising their unions more and more freebies and enhanced retirements. They have overspent their power to levy taxes and the taxpayers are starting to resist. While at the same time budgets are being cut to try and balance the income with the expenditures. But the unions don't want any cuts to their entitlements.

For the past week the union membership have been rioting in the streets. Burning buildings and cars. They have been demanding MORE entitlements and higher wages. Well, something has to give. That brings us to this weekend.

With other countries on the verge of becoming Greece, everyone is looking to the richest country in the EU - Germany. But, the German people are upset thinking they will be the scapegoat for the rest of the EU's problems. The Greece bailout is highly unpopular. The 'Greece vote' is scheduled for Friday. This is when we will find out if the bailout will occur.

What makes this weekend even more important is that the German people hold their elections on Monday. Chancellor Merkel's government may well win re-election or not based on Friday's vote.

But, even with a bailout, if the unions in Greece won't give concessions, and it appears they will not, this economic disaster will re-occur in a few months. And, if the US markets don't like what happens this weekend, today's freefall will only continue. Buckle up, folks.