E.U. Details $957 Billion Rescue Package

NewYorkTimes.com ^ | 5/9/10 | JAMES KANTER and LANDON THOMAS Jr.

[ButThreeLeftsDo]

European leaders, pressured by sliding markets and doubts over their ability to act in unison, agreed on Sunday to provide a huge rescue package of nearly one trillion dollars in a sweeping effort to regain lost credibility with investors.

[Night Hides Not]

I remember a day when a trillion was a big number

I remember Sen. Everett Dirksen saying "a billion here, a billion there. Pretty soon it adds up to real money."

Here's a historical factoid for you: 71 years ago today, FDR's very own Treasury Secretary (Henry Morgenthau) was bemoaning the failure of the New Deal. Paraphrased (I'm too lazy tonight to look up the actual quote), he said "all the New Deal has done is to run up the federal deficit without creating any permanent jobs".

Oh wait, try this on for size: In 1939, ten years after the crash on Wall Street, the Secretary of the Treasury, Henry Morgenthau, Jr., told the House Ways and Means Committee:
“We have tried spending money. We are spending more than we have ever spent before and it does not work. And I have just one interest, and if I am wrong…somebody else can have my job. I want to see this country prosperous. I want to see people get a job. I want to see people get enough to eat. We have never made good on our promises…I say after eight years of this administration we have just as much unemployment as when we started…And an enormous debt to boot!”

[ButThreeLeftsDo]

Asia likes it....

http://finance.yahoo.com/intlindices?e=asia

[hinckley buzzard]

EU is as broke as we are. Where they gonna get a trillion euros/dollars to lend to Greece?

[ButThreeLeftsDo]

Bigger VAT.......

[The Duke]

Where they gonna get a trillion euros/dollars to lend to Greece?

What do you want to bet that they effectively engage in history's biggest check-kiting scheme?

[Zeddicus]

You're right. These are acts of desperation from a global ruling political class who have run out of ways to hide the fact that their corrupt socialist kleptocracies can not work and are the verge of total collapse.

Folks, world wars erupt when things like this go bad. We are going to see things around the world get real ugly, real fast. I'm guessing within 6 months, by next winter, we're going to be living (if we're lucky) in a much, much different world.

[Admin Moderator]

Ok, in the two minutes between you posted your thread and I checked it, the NYT changed “offers” to “details.”

[ButThreeLeftsDo]

Peace....

;-)

[USFRIENDINVICTORIA]

Apparently, you guys are a couple of slow-witted conservatives, who just don't "get it". Probably spending too much time at TEA parties. Let me explain it to you real slow like:

No matter what the problem is -- more government spending is always the solution! Raising taxes is always good -- borrowing money is even better -- and, best of all: just print more money!

Sheesh! Haven't you been listening to your Betters (President, Speaker of the House, Senate Majority Leader, MSM commentators)?

[Brugmansian]

I’m seeing figures that just over $200 billion of it is from the IMF. We’re in this. At least $30 billion and perhaps double that. Or who knows how much.

NASA runs on $18 billion a year. What a waste these bailouts are.

[jpsb]

The Germans are going to be really pissed off monday.

[mlocher]

I’m so relieved they kept it under a trillion...

I wonder how the CBO scored it?

[mlocher]

Where they gonna get a trillion euros/dollars to lend to Greece?

Euros? Can we give them "our O" to make make a dent in their problem?

[Paladin2]

I forgot all about the printing part.

Unfortunately for Greece, they don't have control of the Euro printing presses.

[Del Rapier]

They are still screwed.

As someone pointed out it is just an act of desperation.

[Mad Dawgg]

"European leaders, pressured by sliding markets and doubts over their ability to act in unison, agreed on Sunday to provide a huge rescue package of nearly one trillion dollars in a sweeping effort to regain lost credibility with investors."

A technique from the "Let's-throw-gasoline-on-the-fire-to-put-it-out" school of market manipulation.