Europe Spoke To Soon By TheBrutalTruth
Source NY Times

A week ago, European Leaders, in their typical stupidity, egotism and asinine views of their "superiority" pointed the finger at the United States for the global credit crisis.

Never mind that their banks were just as caught up in the massive derivative markets as ours. Never mind that no one forced their banks to invest in those derivatives.

Some how, it was all our fault.

But after last week's global stock market decline experts are pointing at their banks as being just as big of a culprit as US Institutions. European banks also bulked up on risky debt, and relied on short-term loans to finance their operations.

Quote:

“The same mechanisms that led to the crisis in the United States were operating here,” said Arnoud Boot, a professor of finance and banking at the University of Amsterdam. “It’s totally misplaced for European leaders to put the blame on the Americans.”

Quote:

In fact, an ocean of short-term debt issued by European banks is set to come due over the next two quarters, with $375 billion maturing in the fourth quarter of 2008 and another $339 billion needing to be refinanced in the first quarter of 2009. “If the banks do not manage to roll over this debt, we may witness balance sheet contraction with major negative implications for the real economy or more bank failures,” said Vasco Moreno, who tracks European banks for Keefe, Bruyette & Woods, a research firm specializing in financial institutions.

Oops, I guess those jack asses in Europe spoke too soon.

I got a phrase for them, perhaps they'll remember it next time they desire to open their mouths.

"Don't throw stones if you have a glass house."

"Unbowed, Unbent, Uncompromised"

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Libertas inaestimabilis res est - Liberty is a thing beyond all price. | Sic Semper Tyrannis

And in some parts of Europe, due to their Marxist regulations, the unemployment rate among certain segments of their population going into this mess was at 25%. Good luck, Europe!

Vi

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Liberals are people that will believe anything twice.

Europe? Is that the old name for Eurabia?

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.Intense feeling too often obscures the truth.
Harry S. Truman

Thank you for correcting my misspelling Spitzered

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Libertas inaestimabilis res est - Liberty is a thing beyond all price. | Sic Semper Tyrannis

Did anyone catch that article last week about one of the Nobel officials' attitude towards American writers? I'll have to dig that up if I can find it. Apparently he thinks that we're too insular, and as such are simply automatically incapable of producing... "pertinent" literature.

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http://www.nytimes.com/2008/10/05/we...f=weekinreview

Is that the one, SeaMaiden?

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Libertas inaestimabilis res est - Liberty is a thing beyond all price. | Sic Semper Tyrannis

I'll bet he loves the writings of Noam Chomsky though.

Vi

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Liberals are people that will believe anything twice.

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Libertas inaestimabilis res est - Liberty is a thing beyond all price. | Sic Semper Tyrannis

Yes. Sheesh.

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Libertas inaestimabilis res est - Liberty is a thing beyond all price. | Sic Semper Tyrannis