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[MUSIC]
Bailout suggests that we're all in kind of a canoe, and
you're bailing me out.
You're helping me.
You realize that what's actually happening is the
European Central Bank is making the taxpayer of Greece,
Ireland, Portugal, potentially Spain--
let's see how it goes--
bail out German, French banks who lent
recklessly to our banks.
So that is really the ultimate issue.
You're not bailing out us, we are
actually bailing out banks.
And what has happened in the case of Ireland is, it seems
to us that there has been almost a financial coup d'etat
of the center of the EU-- and we're a very
pro-European country--
which is that the ECB, under Mr. Trichet, has taken control
of economic policy and has a veto over economic policy
around Europe.
And this is creating a problem because we all know-- anybody
here in business knows--
if the problem of the country or a company is too much debt
on the balance sheet, you never improve that balance
sheet by incurring more debt.
You improve that balance sheet by incurring less debt.
So this is the consequence.
And then you have the problem of austerity.
If you have austerity--
as we have in Ireland and they're having
an increase in Portugal--
with no debt forgiveness, the economy just gets smaller.
[MUSIC]