Monday, October 03, 2011

Barosso feels Hurt

José Manuel Barosso must need the Special massage with ‘happy ending’ and maybe some ‘Anger Management’ too, I guess, because his feelings matter more than the economy of alf a billion Europeans and that of the developed world:

“I feel hurt when I see some in other parts of the world, the patronising way they say to us Europeans, what we need to do. I think frankly that we have problems, very serious problems, but I think we do not have to apologise for our democracies. We need not apologise for our social market economy,” he said, in a veiled reference to the American criticisms.
This would be especially hilarious if Europeans had actually dealt with their problems over the past 3 years, other than the zen-like “stress tests” that nobody took seriously.

Please mister world, make Mr. Barosso unhurt... and pay for it too, while you’re at it.
The failure of regulators worldwide to address European banks’ fragile dependence on short-term funding is “putting the Fed in a really awkward position,” said Karen Shaw Petrou, managing partner at Federal Financial Analytics, a Washington regulatory research firm whose clients include the biggest U.S. banks. The swaps with Europe “are an extremely advantageous political football” for critics of the Fed, she said.
Don’t worry, kids, the Europeans supply of childish passive-aggression will never run out. It’s part and parcel of the fact that the Bank-saving recapitalization program that the Europeans called for was precisely what they scorned Geithner about publicly.
Schäuble was referring to strongly worded comments made by US President Barack Obama and US Treasury Secretary Timothy Geithner in recent days. At an event in California on Monday, Obama warned Europeans that their inaction was "scaring the world." The Europeans, he said, "have not fully healed from the crisis back in 2007 and never fully dealt with all the challenges that their banking system faced
Which they were only made public to try to shut the US up. A strange thing for the world’s champions at lecturesome finger wagging to say.
But perhaps the Europeans simply don't like a taste of their own medicine. When a US default was looming back in July when Congress was unable to agree on raising the debt ceiling, European commentators were quick to weigh in and give Obama and the US unsolicited advice. "The global economy needs an American agreement," said a French government minister at the time.
Ya think?

Never do they ask the question WHY it is they felt a need to interfere. After all what’s so bad about dithering for 18 month while your economy will, without action being taken, tank the developed world.

Basically, the adults had to speak up at some point.

Otherwise, Mr. Barosso, we’re really sorry to have hurt your feelings.

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