EU Presidency: Obama Plan is “A Highway to Hell’

 Fox NewsSTRASBOURG, France —  A top European Union politician on Wednesday slammed U.S. plans to spend its way out of recession as “a way to hell.”
Czech Prime Minister Mirek Topolanek, whose country currently holds the EU presidency, told the European Parliament that President Barack Obama’s massive stimulus package and banking bailout “will undermine the stability of the global financial market.”

A day after his government collapsed because of a parliamentary vote of no-confidence, Topolanek took the EU presidency on a collision course with Washington over how to deal with the global economic recession.

Most European leaders favor tighter financial regulation, while the U.S. has been pushing for larger economic stimulus plans.

Topolanek’s comments are the strongest criticism so far from a European leader as the 27-nation bloc bristles from recent U.S. criticism that it is not spending enough to stimulate demand.

They also pave the way for a stormy summit next week in London between leaders of the Group of 20 industrialized countries.

 

The United States plans to spend heavily to try and lift its economy out of recession with a $787 billion economic stimulus plan of tax rebates, health and welfare benefits, as well as extra energy and infrastructure spending.

“We need to read the history books and the lessons of history and the biggest success of the (EU) is the refusal to go this way,” he said.

“Americans will need liquidity to finance all their measures and they will balance this with the sale of their bonds but this will undermine the stability of the global financial market,” said Topolanek.

http://www.foxnews.com/story/0,2933,510445,00.html

Post Script: Apparently, Prime Minister Topolanel is a fan of the Austrailian Rock Band AC/DC.  The Prime Minister states that he has been misquoted – the statement above should read  – “Obama’s Plan will put us on the “Highway To Hell”. Something didn’t translate quite right. The Prime Minister had recently attended an AC/DC Concert and the song was stuck in his head. “Highway to Hell” references in political speeches! “Stairway to Heaven” as musak in elevators. I guess ” the times they are a changin”.      

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