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We can gain a sobering perspective on the impossible disproportion between the bailout and our economic resources by looking at the US. The government there set aside $700 billion (€557 billion) to buy troubled bank assets, and the final cost to the American taxpayer is about $150 billion.

That's kindly ignoring other routes that have been used to support US banks... starting with unlimited short term money at 0% used by banks to lend money to government at 2-4%...

Wind power

by Jerome a Paris (etg@eurotrib.com) on Tue May 25th, 2010 at 11:32:33 AM EST
Isn't that what banks generally do?

Frank's Home Page and Diary Index
by Frank Schnittger (mail Frankschnittger at hot dotty communists) on Tue May 25th, 2010 at 12:06:31 PM EST
[ Parent ]
That would require the cooperation of the ECB.

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Tue May 25th, 2010 at 01:42:41 PM EST
[ Parent ]

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