Bailout for Spain ... MUST WATCH ... he's on fire here. Some quotes:

"And I thought, well, having listened to him over the previous couple of weeks telling us that there would not be a bailout, I got the feeling after all his twists and turns he's just about the most incompetent leader in the whole of Europe, and that's saying something, because there is pretty stiff competition."

"Italy must provide 20% of Spain's bailout money ... and it must be loaned at 3%. But Italy is bankrupt. To get that money, they must borrow from the market at 7%! We're going to have to bailout people giving bailouts!"

"And with Greece teetering on the edge of Euro withdrawal, the real elephant in the room is that once Greece leaves, the ECB, the European Central Bank is bust. It's gone. It has 444 billion euros worth of exposure to the bailed-out countries and to rectify that you'll need to have a cash call from Ireland, Spain, Portugal, Greece and Italy. You couldn't make it up could you! It is total and utter failure. This ship, the euro Titanic has now hit the iceberg and sadly there simply aren't enough life boats."

Daniel Hannan is also awesome

"Thank you chairman and the 15 MEPs or so who bothered to turn up to this event, which says something about Democracy in Europe."

"This place exists to keep the French happy"

bump

Apparently the Canadian Tories aren't for helping the bailout either. The NDP, which is the new opposition, has been suggesting a bailout using taxpayer funds.

"Loan money at 3%. But to get that money, you have to borrow that money at 7%". Brilliant!


That's liberalism in a nutshell, people.