Tuesday, June 12, 2012

If at first you don't succeed, make it even worse

Well if at first austerity makes most people miserable, blame the same people and give money to the banks...blather...rinse...repeat.  Ta-dah!
A bailout of up to €100bn for Spain's ailing banks failed to calm nerves about the future of the euro on Monday amid confusion over the plan's details...But Spain's borrowing costs rose on Monday, nudging closer to levels that are considered unsustainable and dragging Italy towards the danger zone. Europe's stock markets fell slightly, despite an early bounce, the FTSE 100 in London finishing down 0.05%.
Clearly the problem is not enough suffering and not enough given to the banks.
But don't worry it won't happen too many more times:

...one of 2012 GOP presidential nominee Mitt Romney’s economic advisers appeared in a German newspaper. In the piece, Glenn Hubbard criticized the Obama administration’s approach to Europe’s ongoing economic woes, instead calling for the adoption of more austerity
[cross-posted at Firedoglake]

1 comment:

pansypoo said...

no need to bail out the people.