Fearless people, careless needle
Harsh words spoken and lives are broken
--Seal
Peter Atwater suggests that EU should shift focus from sovereign bailouts to bank bailouts. He wonders if EU members/citizens have the stomach for it.
I get the idea in the short term. But don't see how it matters over time.
In the US we TARPed the banks et al, thus propping these inefficient institutions up by borrowing more, printing more. Which lowers credit quality and standard of living. Which puts future sovereign debt paying capacity in greater question...
Perhaps it pushes out the pain, but the pain seems inevitable.
position in TLT, SH
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You know, Hoosiers recognize pork. And they recognize what bailing out every failing business in America means - We're burying generations under a mountain range of debt.
~Mike Pence
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