At a time when Americans are speaking out against government bailouts and wasteful spending, President Obama is committing at least $50 billion of U.S. tax dollars to help bailout Greece and the European Union.
Just today, the Financial Times reported that the IMF is seeking to boost its lending resources by another $250 billion. If the IMF is successful, the U.S. contribution to the E.U. bailout could be upwards of $100 billion.
I’ve been saying since I learned of this bailout, that the federal government should not be borrowing more money – much of it from China – to subsidize the fiscal recklessness of European nations. That’s why I introduced a Congressional resolution opposing U.S. participation in the European bailout.
I recently posted my idea on America Speaking Out for the community to vote on, debate, and share with friends. If this is an issue you care about, help spread the word by sharing my idea on Facebook and Twitter.
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It's not a bailout
Nick Ottens (Diary) Tuesday, July 20th at 9:30AM EST (link)It’s not a bailout, ma’am, it’s a loan. One that, in all likelihood, we’ll see repaid.
Nobody likes it, because Greece has been running major deficits for many years while extending generous social security benefits and pensions, but the alternative is to let it go bankrupt and drag the whole of the eurozone down with it.
Don't be absurd
Neil Stevens (Diary) Tuesday, July 20th at 9:38AM EST (link)A loan under favorable conditions is effectively a bailout.
Is the loan secured? Is the borrower trustworthy? Is the interest rate set at a market value according to conditions like those the first two questions ask about?
If not, it’s a bailout with a capital B.
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Loan or bailout...
sccrenny (Diary) Tuesday, July 20th at 11:32PM EST (link)we are borrowing the money to do it. Let’s just give China’s business card to Greece and let them work it out.
When I look at Barack Obama I don’t see black. I don’t see white. I do, however see RED! It’s the same color I see when I look at Pelosi, Reid, ACORN, SEIU…
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