Some comic relief from an earlier Salon.

EUObserver: EU rules out US-style bailouts (25.09.2008)

"The situation we face here in Europe is less acute" than in the US, says the EU economy commissioner

There may be need for stricter financial monitoring worldwide, but in Europe in particular, US-style bank bailouts are not necessary at this stage, EU officials told MEPs on Wednesday (24 September).

To be fair, EUObserver is conflating bank rescues with the Paulson plan

However, referring to the recent decision by the US to buy $700 billion (€476 billion) of bad debt from banks and other financial institutions, he stressed that "the situation we face here in Europe is less acute and member states do not at this point consider that a US-style plan is needed."

But still...


A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith