Obama asks Congress to back IMF Boost (Here we go again)

Breitbart.com ^ | 4/20/2009

[GVnana]

The US Capitol in Washington. President Barack Obama Monday asked Congress ...

G-20 Leaders Agree to Dole Out $1 Trillion to IMF & World Bank

President Barack Obama Monday asked Congress to back an expansion of an IMF emergency fund by 500 billion dollars in a move designed to expand its reach to big emerging market nations.

Obama also asked lawmakers to approve a US contribution to the fund to 100 billion dollars, as part of the plan to swell International Monetary Fund reserves agreed at this month's Group of 20 summit in London.

The president made the request in several letters to Democratic and Republican congressional leaders on Monday, pointing out that the fund did not require an extra financial outlay from the United States.

When Washington transfers funds to the IMF under the program, known as an expansion of the New Arrangements to Borrow (NAB), it would receive interest bearing assets in return, backed up by IMF resources including gold stocks.

[GVnana]

the fund did not require an extra financial outlay from the United States

See also:
The crash has laid bare many unpleasant truths about the United States. One of the most alarming, says

a former chief economist of the International Monetary Fund, is that the finance industry has effectively captured our

government—a state of affairs that more typically describes emerging markets, and is at the center of many emerging-

market crises. If the IMF’s staff could speak freely about the U.S., it would tell us what it tells all countries in this

situation: recovery will fail unless we break the financial oligarchy that is blocking essential reform. And if we are to

prevent a true depression, we’re running out of time.

The Quiet Coup:

http://www.theatlantic.com/doc/200905/imf-advice

[mylife]

On the bright side, Napilatano will save 52 million over 5 years on office supply’s.

[EagleUSA]

Again, Obama, against sound monetary and financial advice, is trying to buy favor with other nations as opposed to doing what is needed to turn OUR economy around. Something he apparently is firmly against in line with his agenda.

Hey investors and life-savings holders -— seen the Dow Jones average today???? Thank You Obama.

[popdonnelly]

Obama spends money like he has it. The man is a total lunatic when it comes to spending. When your kids and grandkids are broke, they will have to blame Obama.

[4Speed]

Key Phrase is “Asked Congress”
Which is like asking Americans IF Congress remembers us....you know, the voters who will pay for this 500 BILLION .
If Congress asks...I will say NO.
BHO needs our help.....normally I don’t Pay to Play.

[the invisib1e hand]

strongly suspect the IMF is in the process of becoming (with the blessing of the G20) the "supranational fed" with a "supranational fiat currency."

you read it here first.

[PhiKapMom]

Three words will suffice to members of Congress —

JUST SAY NO!

[GeronL]

a trillion here and a trillion there.... trillions trillions everywhere

[Nachum]

The List, ping

[Son House]

And Limbaugh only asked for $414 billion for tax cuts that would have a positive effect on economic growth...

.
Obama Monday asked Congress to back an expansion of an IMF emergency fund by 500 billion dollars

My Bipartisan Stimulus By RUSH LIMBAUGH

http://online.wsj.com/article/SB123318906638926749.html

under the Obama-Limbaugh Stimulus Plan of 2009: 54% of the $900 billion — $486 billion — will be spent on infrastructure and pork as defined by Mr. Obama and the Democrats; 46% — $414 billion — will be directed toward tax cuts, as determined by me.

[GBA]

It appears that the “T” parties didn’t have much of an effect, so it’s time to try the rest of the alphabet.

[antidemoncrat]

This may just be the first of the tea parties. I think by July fourth there will be a lot more.

[Jack Hammer]

America’s kids are gonna be paying for this guy’s excesses for the next ten generations - if the country lasts that long.

[FrogMom]

I was curious about this money he’s spending when a guy I work with said, “Wow, he’s got the gov cutting 100 million bucks!”

Out of curiosity, using the figure of 3.6 Trillion (wasn’t that what the budget was?), I messed with a spread sheet a bit.

If you put 100 million in each cell of row 1, columns A through T, you get 2 billion dollars, adding the row.

To get to 3.6 trillion, you must put 100 million into each row (column A through T), down to row 1800!

So you must put 100,000,100 into 36,000 cells to add up to 3.6 trillion dollars. Now delete ONE cell. That’s his big cut.

[PGalt]

Noted.

[GOPJ]

Typically, these countries are in a desperate economic situation for one simple reason—the powerful elites within them overreached in good times and took too many risks.

We resemble that remark...

[GOPJ]

To get to 3.6 trillion, you must put 100 million into each row (column A through T), down to row 1800! So you must put 100,000,100 into 36,000 cells to add up to 3.6 trillion dollars. Now delete ONE cell. That’s his big cut.

Most reporters can't do math - so they'll be impressed with Obama's bit "cut"...

[plain talk]

In a letter to U.S. congressional leaders, Obama said the U.S. funding "does not represent a budgetary expenditure or any increase in the deficit since it effectively represents an exchange of assets."

Incredible.

[Aquinasfan]

On the bright side, Napilatano will save 52 million over 5 years on office supply’s.

I hear they're buying in bulk to save money. I guess you have to be a college professor to figure out stuff like this.

[LachlanMinnesota]

“No! Mr. Obama, in the name of all that is rational, “No!”

Listen to the people that you are burdening with your plans...It is our country, not yours alone to do with as you please.

This land is my land as much as it is yours, and you do not speak for me...

“No!”