(9-11-12) So who will get bailed out next?

Now that so-called Quantitative Easing, or QE 3, has been largely discredited as the latest bailout mechanism for useless banks, "asset purchases" is the new buzzword for kicking the can down the road, i.e. avoiding economic collapse.

To that end, Super Mario Draghi has announced that the ECB (European Central Bank) will buy Euro peripheral state bonds with durations up to three years because that's all he can do without the full commitment of the EU commissioners, which requires a vote of all 17 EU members.

As would be expected, this is just another band-aid measure, but it has less to do with markets and more with what he can do from a regulatory standpoint, since Draghi does not have the authority to buy sovereign paper (bonds) of anything greater than a three-year maturity.

Meanwhile Italian Prime Minister & Lead Technocrat Mario Monti is also becoming involved, as he and Mario Draghi are now known as the two Super Mario Brothers.