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whereaminow (73.77)

You Have Got To Be Freaking Kidding Me, Europe

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December 01, 2010 – Comments (19)

All I ever hear is how wonderful Europe is.  It's more sustainable.  They have universal health care. They have better public transportation.  They have Socialism!!!  Yay!!!!  Some of the liars even go as far as saying that Europe is wealthier than America,

US Ready to Back Bigger EU Stability Fund: Official

In fact, where's our European apologists? Why don't you trot out those statistics that show how much wealthier Europe is than America?

Here's a fun fact: I've been to Europe several times over the last dozen years or so.  They are not even close to America in terms of wealth. They do blow away America in terms of taxes, though :) 

Now America is bailing Europe out. Of course!  And I'm sure it's all legal.

Really, Europe?  Really?  We have to bail you out now?  While fighting two wars?  While going through our own major economic crisis?  While American wealth is declining?

You are still so freaking pathetic that we have to bail you out????

I thought you were wealthier than us. 

David the Angry American in Qatar

19 Comments – Post Your Own

#1) On December 01, 2010 at 5:38 PM, brickcityman (< 20) wrote:

Hey man, the market apparently likes it...  thats good enough right?

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#2) On December 01, 2010 at 5:41 PM, devoish (98.76) wrote:

 Here you go - more fuel for the fire. (Merry Christmas)

The Federal Reserve on Wednesday reluctantly opened the books on its monumental campaign to save the financial system in the midst of the recent crisis, revealing how it distributed some $3.3 trillion in relief.

The data revealed that the Fed's aid was scattered much more widely than previously understood. Two European megabanks -- Deutsche Bank and Credit Suisse -- were the largest beneficiaries of the Fed's purchase of mortgage-backed securities. The Fed's dollars also flowed to major American companies that are not financial players, including McDonald's and Harley-Davidson, through unsecured short-term loans...

...Deutsche Bank, a German lender, has sold the Fed more than $290 billion worth of mortgage securities, Fed data through July shows. Credit Suisse, a Swiss bank, sold the Fed more than $287 billion in mortgage bonds...

...The Fed effectively telegraphed its intentions to the Street before buying the bonds. Legendary money manager Bill Gross, who oversees more than $1.2 trillion at Pacific Investment Management Co. said last month during a television interview that part of his success over the last 18 months was due to buying securities in front of the Fed, and selling them to the Fed at a premium, allowing him to profit handsomely. Gross runs PIMCO's $252.2 billion Total Return Fund.

Morgan Stanley sold the Fed more than $205 billion in mortgage securities from January 2009 to July 2010, while it's much bigger rival, Goldman Sachs, sold $159 billion. Citigroup, the nation's third-largest bank by assets, sold the Fed nearly $185 billion in mortgage bonds. Merrill Lynch/Bank of America sold about $174 billion.

From the Huffington Post

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#3) On December 01, 2010 at 6:15 PM, dbjella (< 20) wrote:

devoish

If the article is true, then the Fed is thorn in the side of American taxpayers.  I suppose calling/emailing my congress person is a waste of time.  Ron Paul, oh Ron Paul..... 

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#4) On December 01, 2010 at 6:15 PM, brizzlekizzle (49.21) wrote:

I have respect for Bill Gross being so honest about what has happened here.

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#5) On December 01, 2010 at 6:24 PM, chk999 (99.98) wrote:

Europe is actively dying. The birth rates are under the replacement rate, so there won't be many Europeans in 50 years. Someone else with a more vigorous culture will replace them. European economies actively try to suppress entrepreneurialism, so they aren't going to do many new things. 

Given this, my interest in emulating Europe is nil. 

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#6) On December 01, 2010 at 6:40 PM, devoish (98.76) wrote:

chk999

"euopean economies acvtively try to supress entrepeneurialism"

Is that something special about europe?

And what do mean by "european economies"? Do you mean every single person/business  financial exchange on the continent is supressive?

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#7) On December 01, 2010 at 6:40 PM, EnigmaDude (97.23) wrote:

Comparing Europe to "America" (and I assume you meant USA) is like comparing a bus to a train station.  Europe is a continent and USA is a country.

We (the good ole US of A) participate in a global economy, which includes many countries in Europe.  Get used to it!

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#8) On December 01, 2010 at 6:51 PM, alstry (35.68) wrote:

The Fed's dollars also flowed to major American companies that are not financial players, including McDonald's and Harley-Davidson, through unsecured short-term loans...

AS MILLIONS OF NOT SO FORTUNATE BUSINESSES COULD NOT GET LOANS AND WENT BANKRUPT....

SO MUCH FOR EQUAL PROTECTION AND ANTI TRUST LAWS.....KISS THE CONSTITUTION GOOD BYE

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#9) On December 01, 2010 at 6:53 PM, NOTvuffett (< 20) wrote:

+1

David, I get so discouraged when I read stuff like this.  Without getting into the Europe/USA debate, frankly the USA can't afford this at this time.

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#10) On December 01, 2010 at 7:04 PM, DarthMaul09 (30.42) wrote:

The US is just practicing for when it has to bail out the other socialist states like California.

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#11) On December 01, 2010 at 7:14 PM, whereaminow (73.77) wrote:

The really sick part about this, is of course who exactly will be getting the money.

Now, if you asked me to help out some poor French farmer that has fallen on hard times, that would be one thing.

But this bailout is for the plutocrats and sociopaths that hold all the power in Europe.  It's for their buddies and business partners.  It's not for the people.

It's the same old crap.  

David in Qatar 

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#12) On December 01, 2010 at 7:23 PM, starbucks4ever (99.53) wrote:

Europeans probably hinted that "if you don't buy back the crap you sold us, we won't be buying you crap in the future". Or, perhaps, GS was long shares of Credit Suisse, so the bailout became an absolute must :)

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#13) On December 01, 2010 at 7:41 PM, Viking70 (< 20) wrote:

zloj--I suspect your comment on GS is probably more accurate than any of us would like to believe. 

And whereaminow is absolutely correct--more bailouts for the plutocrats.  That is where the emphasis of entire bailout has been.

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#14) On December 01, 2010 at 7:48 PM, Varchild2008 (84.44) wrote:

Hey I have a good sum of Ford Motor Company Stock, what do I have to do to sell this to the FED for a handsome premium?

Maybe the FED will buy my (F) Ford Stock for $50 a share?

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#15) On December 01, 2010 at 8:01 PM, angusthermopylae (42.43) wrote:

Europe is actively dying. The birth rates are under the replacement rate, so there won't be many Europeans in 50 years. Someone else with a more vigorous culture will replace them.

It's a short hop from that point to the ethno-centric/anti-Islam/anti-immigrant tide sweeping European countries.  Simplistic, but a pretty clear correlation, in my humble opinion.

Given this, my interest in emulating Europe is nil.

Sadly, I believe that we are...though we call it many other things.

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#16) On December 01, 2010 at 8:32 PM, devoish (98.76) wrote:

#12,

I suspect so too.

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#17) On December 02, 2010 at 9:29 AM, rofgile (99.00) wrote:

I don't think entrepreneurialism in the EU is dead.  There are plenty of successful european businesses (we in the US just hear mostly about OUR US businesses).

---

 The reason why EU has been having so much trouble is because they went against Ben Bernanke (who is leading the world in how to run a recovery and fight deflation).  The EU states bickered at every crisis moment, delayed at every crisis moment, and forced austerity measures on people while giving full returns to bondholders.  That is an asinine bureaucratic mess of different countries who would like to push each other under the wheels of a machine to benefit themselves.  A little more unity, a little less selfishness, and they would be doing much better.

---

 -Rof

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#18) On December 02, 2010 at 12:57 PM, saunafool (98.68) wrote:

David,

You rarely hear the argument that Europeans are wealthier than Americans (except for Luxembourg). What you hear is that the average European is better off than the average American.

I believe this to be true. You can say what you want about national health insurance, but when the average family doesn't have to worry about either obtaining insurance or whether or not they can actually pay for it, it is a big plus in their lives.

The fundamental problem with the welfare state is demographics, and this is a problem everywhere in the developed world. The people who designed state pension schemes didn't predict the birth control pill.

No doubt some changes will be needed. As for the U.S. funding the Euro, it's just the same BS of bailing out the bankers and sticking the taxpayers with the bill.

Robert in Luxembourg

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#19) On December 02, 2010 at 1:32 PM, outoffocus (24.51) wrote:

Relevant cartoon:

http://editorialcartoonists.com/cartoons/CleavA/2010/CleavA20101202_low.jpg

 

 

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