Europe Puts More On The Line For Banks Than US ($2.3 trillion)

(10-13) 14:02 PDT PARIS, France (AP) --

Europe put $2.3 trillion on the line Monday to protect the continent's banks, a figure that dwarfs the Bush administration's $700 billion rescue program, in its most unified response yet to the global financial crisis after a stumbling start.
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The pledges by Britain and the six countries that use the euro helped soothe stock markets, along with a promise by top central banks to provide unlimited short term dollar credits.

The action by Germany, France, the Netherlands, Spain, Portugal, Austria and Britain came after weeks in which the governments often acted at cross purposes and sniped at each other — a piecemeal approach that failed to stop steep and frightening slides on financial markets.

"The time of each one for itself is fortunately over," French President Nicolas Sarkozy said, following a Cabinet meeting that approved France's spending in the framework of the plan.

"United Europe has pledged more than the United States," added Sarkozy, who has taken a lead in getting the cooperation.

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AP: http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2008/10/13/financial/f103450D87.DTL

and conspicuous consumption. Game over. Checkmate!!
This superpower crap is over.

They are many different cultures, but they can come together and make decisions. In this country, everything is attached to a 'what's in it for me?' attitude.

:hi:

so all the folks that borrowed to buy stocks can breathe easier?