All of the major stock indexes are trading sharply higher today after a European bank recapitalization was announced during the European Union summit. If we have learned one thing by now, the markets will rejoice on any type of bailout news. The bottom line, debt continues to bailout debt and that theme has not changed since the Dow Jones Industrial Average crashed in 2008. The big question that everyone must ask themselves is how can these banks afford to take on new debt. In the United States the four large banks are able to do so because they can borrow money at zero percent from the Federal Reserve, however, that is only the four largest banks. The bailout in Europe is huge and will cover hundreds of banks. Again, the details here are very sketchy and nobody really knows what is going happen after this institutional euphoria wears off and the real details are released.    ...