The FT has a fascinating, and appropriately depressing article by Wolfgang M?ºnchau this morning. In it he says:
To pass an extremely generous financial rescue package but refuse to accept the logic of a fiscal stimulus, as European Union leaders did last week, is both inefficient and inequitable. It is inefficient because an unnecessarily deep recession would have a hugely negative impact on the health of financial institutions. And it is inequitable as the present approach amounts to a large transfer of resources from lower to higher income earners.
He is absolutely correct about that last point.
It's worth reading in full.