Markets worldwide rallied today on news that European Union leaders will allow troubled banks to access emergency funds, temporarily reducing global anxiety over the continent's growing debt crisis. OutFront tonight to discuss are Stephen Moore of the Wall Street Journal editorial board and Jim Kessler, senior vice president for policy and co-founder of Third Way, an economic think tank.
OutFront tonight: touched by an angel.
German Chancellor Angela Merkel put another band-aid on the ballooning European debt crisis today, as E.U. leaders announced they will allow troubled banks to use emergency money from the union's rescue funds. This was a fairly significant concession from the German leader, and it led to markets rejoicing worldwide.
And of course, what's good for the markets is good for President Obama.
Now, we hate to be the bearer of bad news, but we here at OutFront are realists. And this bailout agreement is just a band-aid on a gaping wound. Granted, it's a big band-aid, but it's still a temporary solution that doesn't address the fundamental economic problems in Europe.
As Peter Boockvar of miller tabak told us today: "For now, party on and turn that hour glass over as more time has been bought. But only the symptoms are being fought, as the underlying disease of excessive debt and lack of growth still remains."
In tonight's E-Block, Erin takes a look at how tensions between India and Pakistan ended up ruining a rare moment of goodwill between the two countries, a planned concert with both Indian and Pakistani musicians.
A pastor in Singapore is accused of stealing $18 million dollars in church donations; and a British student is attacked and sexually assaulted by a mob in Cairo's Tahrir Square. Liz Neisloss and Dan Rivers report.
The clock is ticking.
Until Monday, Ebay and AutoNation are partnering to sell 10 to 14 brand new cars a day. But here's the catch – the price of the car drops by a certain amount every hour.
You can buy at any time, but if you wait too long to increase your savings, someone else could swoop in and beat you to it. And that brings us to tonight's number: $3,260,1003.