Bailout World: The bill just keeps rising (surprise!)

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It isn’t enough. It’s never going to be enough.

The bailout tabs for the global economy and financial system keep climbing, demoralizing investors and driving some into the only thing they feel they can trust anymore: gold.

Today’s and (tomorrow’s) headlines:

-- Greenspan Says U.S. May Not Be Doing Enough: Despite the new $787-billion economic-stimulus package and the $700 billion Congress approved last fall to save the financial system, ‘The amount of money in both these pots may not be enough to solve the problem,’ former Federal Reserve Chairman Alan Greenspan said in an interview in New York with Bloomberg News.

-- GM and Chrysler Seek Billions More in Federal Loans: The two automakers say they will need at least $21.6 billion more in government help to stay afloat. Wall Street bets harder on a GM bankruptcy, as the stock falls 32 cents to $2.18, a new generational low.

-- Germany, France May Face Bailout of Nations, Not Just Banks: ‘German Finance Minister Peer Steinbrueck became the first senior policy maker to broach the topic this week, saying some of the 16 euro nations are ‘getting into difficulties’ and may need help,’ Bloomberg News reports. ‘French officials are also concerned about market tensions as the cost of insuring Irish, Greek and Spanish debt against default rises to records and bond spreads widen.’ See this post on Ireland.

-- Moody’s Warns of Eastern Europe Risk: Moody’s Investors Service warned of “continuous downward pressure on east European bank ratings” because of deteriorating asset quality, falling local currencies, exposure to a regional slump in real-estate and the units’ reliance on scarce short-term funding, Britain’s Financial Times reported. So, on top of whatever cost they’ll face to help the euro-zone countries, Europe’s richest nations also are left wondering what kind of bill they’ll get to prop up Poland, Hungary and other emerging markets. And meanwhile, the euro is crumbling.

-- Tom Petruno