Typical EU hubris and arrogance comes back to bite them in the ass. Last week, the German Finance Minister was boasting that their banks were fine, our country was finished and that they didn't need a bailout package within the EU. He, along with many talking heads, praised the EU's increased regulation for steering them away from the "casino" mentality we have here in the States. It was just an "American problem". Well, only a few days later, the EU has bailed out no less than three big banks and lending facilities. And now there is talk about them introducing a bailout package for at least $500B. Not to mention, the UK, Ireland and especially Spain housing markets are in deep trouble.
What a difference a few days make!
http://www.washingtonpost.com/wp-dyn/co ... cmoduletmv
I have to give credit to Nicholas Sarkozy, France's President. He has actually recognized that this is a global problem and hasn't put the blame squarely on us. He wants to be constructive on dealing with the issue, so kudos to France and their leader for taking a positive and leading role!
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