Via Ireland’s Announcement of a Fifth Bailout Demonstrates that Bailouts Cannot Work » The Cobden Centre, a superb article by my colleague Gordon Kerr:
During Phase 1 taxpayers were assured that economies would recover relatively swiftly and that the need for the bailout was a unique and unforeseeable banking liquidity hiccup which would be fixed by the proposed drastic action.
But the bailout surgery has failed. The drain of lifeblood from economies by way of tax to fund bailouts will be looked back on with amusement by future generations just as we smile when reading in our history books about unnecessary surgical operations performed on medieval patients. Our never-ending bailouts are simply worsening the condition of each national economic patient.
I recommend the whole article. And the TCC primer.