The math I'm working with is very simple.
In the U.S. banking sector, we had $3 trillion of wholesale funding that needed to be stabilized, got stabilized by the implementation of TARP which saw the U.S. treasury buy $212 billion worth of preferred in the banking sector to stabilize that $3 trillion, give our banks the time to work through their problem their problem assets.
In Europe, that $3 trillion is $30 trillion. So if you multiply the $212 by ten, you get the $2.12 trillion. In my view, the issues on the European banks are bigger than the issues on the books of the US banks. So if you want to stabilize that $30 trillion and in my view it's not that you want to, it's that you have to, you do not have a choice, you're going to have to be at least at $2.1 trillion and I suspect it may need to be more.
In other words, the Eurozone needs a cash infusion that is ten times the size of TARP*.
I'll check the couch to see if there's a spare $2.1 trillion that fell under the cushions.
* Pssst: hey, liberals -- Europe's imploding model is one your heroes Barack Obama and Paul Krugman keep trying to emulate. Hint: it don't work.