Archive for 11 May 2010

Here’s your bumper sticker of the day…

Yeah, let’s do the same shit the Euro-weenies did. That’s just what America needs. Failed socialism.

Trillion-dollar euro rescue won’t solve low growth
Trillion-dollar euro rescue plan offers short-term relief, stores up longer-term problems
Aoife White

BRUSSELS (AP) — A bold $1 trillion rescue by the European Union halted the slide of the euro on Monday and sent markets soaring worldwide in a gambit that may ultimately be seen as the moment Europe truly became a union.

The sweeping cash injection was greeted with euphoria on Wall Street, where stocks rocketed to their biggest gain in more than a year.

Still, the package did not resolve the basic dysfunction at the heart of Europe’s monetary union: Governments can still spend recklessly and saddle their partners with the bill.

The approval of a “shock and awe” level rescue package followed weeks of indecision that hammered the euro and sent world markets plunging on fears Europe’s debt contagion could spread well beyond Greece, where the crisis began several months ago.