A He didn't look down.
Posted on 05/14/2010 10:10:42 AM PDT by SeekAndFind
After a week of preemptive attacks on a possible IMF bailout of Greece, Rep. Mike Pence (R-Ind.) introduces the European Bailout Protection Act, aimed at preventing taxpayer dollars from going to a rescue plan.
"This legislation would require that countries like Greece cut spending and put their own fiscal house in order," says Pence, backed up by other members of the House GOP, "instead of looking to the United States for a bailout. We face record unemployment and a debt crisis of our own, and American taxpayers should not be forced to bear the risk for nations that have avoided making tough choices."
The full release is below the fold, with the detail that the bill "does not permanently prohibit the IMF from lending" to the troubled counties. Nevertheless, Ezra Klein is not a fan of this proposal.
U.S. Congressman Mike Pence, Chairman of the House Republican Conference, joined Conference Vice-Chair Cathy McMorris Rodgers, Ranking Member of the House Appropriations Committee Rep. Jerry Lewis, Rep. Jeb Hensarling, and Rep. Kay Granger in introducing legislation today to stop U.S. tax dollars from being used by the International Monetary Fund (IMF) for bailouts for European countries. Rep. Pence released the following statement today as the European Bailout Protection Act was introduced:
“The American people are fed up with taxpayer-funded bailouts and deserve to know we are bailing out Greece and possibly other European countries. If the Obama Administration has its way, the U.S. will contribute to a nearly trillion dollar bailout of European countries with economic crises that are a direct result of wasteful government spending.
“This legislation would require that countries like Greece cut spending and put their own fiscal house in order, instead of looking to the United States for a bailout.
(Excerpt) Read more at voices.washingtonpost.com ...
The European Bailout Protection Act would:
1) Prohibit any funds that have yet to be drawn by the IMF from being used to provide financing to any EU countries until all EU nations are in compliance with the debt to GDP ratio requirement in their own collective growth pact.
2) Require the Treasury Secretary to oppose any IMF loans to EU nations until all EU countries are in compliance with their debt to GDP ratio requirement.
The bill does not permanently prohibit the IMF from lending to these nations; it simply prohibits the U.S. from participating in the proposed European bailout.
Good for Pence!
SeekAndFind,
If Spain fails, the Euro will be over, and if so, the shockwaves will hit the entire global economy.
The situation is critical and the media hides it. Despite the Spanish economy being now de facto in the hands of the IMF, the stock exchange has lost a 6% today.
It’s a START....
Spine, guts, and gonads scarce among the GOP in DC and everywhere else except in New Jersey. Behold an American that puts his state and country above power, greed, and corruption. You know the names in DC that fit the Elitist, corrupt, amoral description. Start with Obama, Pelosi, Reid, Stupak, Frank, Feinstein, Boxer, and the rest of the 525+ including the RINOs which are in abundant numbers. Scroll down and click on the video that Rush just played.
http://blog.savejersey.com/2010/05/11/autosaved-90909-am.aspx
If the people knew what it is happening, they would panic.
Not sure if this bill will go anywhere between now and November. The GOP is the minority party and I’m not sure if it will even pass the house.
Who cares, at least it will make the dem’s take a position on an issue (Greece Bailout) that American voters are vehiminently opposed to.
It is not something risible. The default of a economy as big as the Spanish would probably drag others. And Britain is in as bad economical shape as any South Mediterranean country, although devaluation of their currency has hidden it for a while.
We are facing a chain default of big economies. No one would be unaffected.
It is not something risible. The default of a economy as big as the Spanish would probably drag others. And Britain is in as bad economical shape as any South Mediterranean country, although devaluation of their currency has hidden it for a while.
We are facing a chain default of big economies. No one would be unaffected.
It’s already time for Euro bailout two.
A trillion doesn't go as far as it used to.
I want to see the Democrats voting FOR sending $65 Billion in US taxpayer money to greece, when we have 40 Million on foodstamps and 10% unemployment
Good —
Even the very plausible loss of the UK's AAA status is fine by me (I am a UK citizen).
Socialism breaks down. The important thing is to let it.
This is like my friend who bought an alarm system for his house... after he got robbed.
Obama will just sign some Executive Order and gave the money away. But good for Pence for at least trying.
I just sent her a note of support and thought you may wish to as well.
if pubbies keep this up they will win 80 seats in november!!
Don't any of these morons understand that it is insane to be lending (giving away) money when you had to borrow it in the first place?
I'd really like to see someone propose legislation that would:
Require that the USA cut spending, cut unnecessary programs, cut government salaries and entitlements, cease all foreign lending other than that which is spent on US goods and services, cease all foreign aid not related to defense of an ally, cease all dues paid to supanational debating societies and one-world wannabes, and, in a timely manner, pay off legitimate loans (bailouts) it has already accepted.
Then I'll worry about somebody else's mismanagement issues.
How’s this playing out on CrapNewsNetwork and the rest of the Lamestream Media?
Are they portraying Republicans as “heartless conservatives” again? And losing more common-sense viewers in the process??
(Bwaaaahahahahaha!!!)
“We are facing a chain default of big economies. No one would be unaffected.”
True, but necessary. If we go through with a series of bailouts, it’s just like giving the junkie money for “one more fix.” The Greek, Spanish and Italian economic policies will change just as much as the junkie will voluntarily go to rehab.
We’ve postponed the day of reckoning long enough. Let’s just take our medicine and get this over with.
I wouldn't mind a few more years to get ready for an economic collapse...but it's only going to be worse the longer we wait. Some are not prepared and will never even try to be prepared.
So can anyone tell me—IF we bail out these countries, will it make any difference at all, other than prolonging the inevitable?
I’ve seen lots of debate on this, but by stupid people who don’t know what they’re talking about. I figured people here might be a little better informed. Are any FReepers actually IN FAVOR of the bailout?
About freaking time!
10,581.09
-201.86 (-1.87%)
Real-time: 2:37PM EDT
http://www.google.com/finance?client=ob&q=INDEXDJX:DJI
Ah thanks. 52.9% in 2009. Probably close to 54% by now.
I'm series.
How does a nataion that is
bankrupt and defunct
get bailed out by a fund that is essentially
bankrupt and defunct?
must be some kind of weird derivative scheme.
A He didn't look down.
Why won't California demand a bailout after we pay whatever the Euro blackmailers demand? Will the political will to stop bailouts emerge only when the USA credit rating is downgraded?
I know that’s tongue in cheek, but California mostly got itself into the mess. I only say mostly because there massive federal unfunded mandates these days. That part you can’t blame California for, but other states are having to deal with it too.
California has been exposed to the will of the leftist Legislature. That has to change.
The larger point is that there is a very long line of entities, (governments, corporations and other monstrosities like Fannie.Freddie), each of which will say to Uncle Sugar, if you don’t pay me $xxxxxxxxxxxx you will be sorry, and the world will come to an end.
We’ll see what happens if Cal. elects a Dem governor. I must say though, that some Dem governors would be better than Charlie Crist.
We’ve got the diseased vairiety that only grows big and tall under the California sunshine after plenty of fertilization from the Legislature in the state. Crist is a jerk. Imagine a Bustamante, Villagarosa, or another term of Jerry Brown.
We need to be responsible for our own debt. I’m sure you agree with that, but it really annoys me to hear talk of a bail-out. Heads should role first. We need a lot of high branches and short ropes.
This can be easily explained.
The EU is shifting the risk, and by extension the debt, westward.
First London, then NY, and of course Washington DC.
This default will continue to morph, spread and move until the PAYER OF LAST RESORT, the US taxpayer, refuses the loan.
At that point things get really, really ugly.
I think he’s a bit late trying to shut that barn door.
Our government needs to be neutered.
a eurozone default would be a windfall for
the US.
No bailout for EU... great
NOW, GOP needs to come up with a Bill for NO BAILOUT for Obammy’s TEACHERS’ UNION!!
I know you are opposed to bailouts, but we do have a lot of irresponsible officials or outright crooks in government, and not only in California.
"Socialist governments traditionally do make a financial mess. They always run out of other people's money."
-- Margaret Thatcher (Feb 5, 1976)
I agree with that. No doubt about it...
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