Maybe it's a disease, this desire to bail out banks who gambled and lost in the market and even governments who can't control their spending urges. More like a compulsion, I guess. The president has never met a bail out he didn't like - even if the target is overseas.
As the European debt crisis continues to escalate, President Obama urged European Union leaders today to act quickly to resolve the eurozone crisis, saying that "the United States stands ready to do our part to help them resolve this issue.
"This is of huge importance to our own economy. If Europe is contracting or if Europe is having difficulties, then it's much more difficult for us to create good jobs here at home because we send so many of our products and services to Europe; it is such an important trading partner for us," the president said following an annual meeting between U.S. and EU officials. "We've got a stake in their success, and we will continue to work in a constructive way to try to resolve this issue in the near future."
While Obama did not say what kind of assistance the U.S. would be willing to provide, earlier today the White House ruled out any financial contributions from U.S. taxpayers. "We do not in any way believe that additional resources are required from the United States or from American taxpayers," White House Press Secretary Jay Carney told reporters.
"This is a European issue, that Europe has the resources and capacity to deal with it and that they need to act decisively and conclusively to resolve this problem," Carney said.
Do these guys even understand the huge irony in lecturing the europeans about how to solve their debt crisis when Obama has sat on the sidelines and failed to address ours?
Considering the track record of this administration, everything they say is true - until it isn't. If the debt crisis looks like it is going to spin out of control, the administration could turn on a dime and make that statement above moot.
The possibility of direct US aid is remote. But considering the cavalier way this administration - and the Federal Reserve - has treated our money, anything is possible.