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 ...
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.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.