Taibbi discusses Europe.

[gratuitous]

2. Gee, what's the problem?

The Big Finance Boyz threw themselves one hell of a party. It cost us billions to pay for it all. Thousands of people lost their homes, either because they were suckered into believing this was their last, best chance to be a homeowner, or as ancillary damage to the big party. The economy damn near collapsed. And after pouring all that money into a fix, we left the exact same people in charge of it all without any penalty or additional regulation, just a stern admonition to "be more careful in the future."

And can you imagine it? Some of the folks who are watching their hard-earned go to bail out irresponsible Big Finance Boyz are thinking that maybe it's time of a little belt-tightening at the top. But who will create the jobs then? And who will make irresponsible loans if countries default on their debt (or, maybe not default - The Worst Thing In The World - but negotiate a reduction, which is Even Worse Than The Worst Thing In The World).

We should have someone along shortly to explain it all to us in three words or less.