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The massive Euro TARP program just announced is simply a bailout of the PIIGS who way over spent and under taxed for all these years. In Greece few pay taxes and most who pay do not pay what they really owe. All of Europe has social safety nets programs that keep the voters happy so long as the string does not break, which it now has. The willingness of governments to just spend and raise pensions, raise healthcare benefits paid by the government, raise other benefits, and not pay for them is the root cause of this crisis. We were within hours of October 2008 all over again. The media and the administration can rant all they want about wall St, but the exact same irresponsible behavior was going on at all levels all over the world. Greece, California, New York, Spain, and now the US Congress and administration.

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