U.S. Taxpayers on the Hook for Portugal Bailout
by Rep. Cathy McMorris Rodgers (R-WA)Recently, Portugal officially requested a $116 billion bailout from the European Union and the International Monetary Fund. This makes Portugal the third European nation to seek such a bailout in the past year (Greece got $157 billion; Ireland $122 billion). What most people don’t realize is that the U.S. is the largest contributor to the IMF. Therefore, U.S. taxpayers are paying for Portugal’s bailout which – like the earlier bailouts of Greece and Ireland – was caused by too much government spending and borrowing.
Last year, here at BigGovernment.com I warned how the Obama Administration was making a Greek bailout more likely by agreeing in advance that U.S. taxpayers would help foot the bill. Later, the IMF set up a $356 billion bailout fund for European governments with the consent of the Obama Administration– even though the fund will likely cost U.S. taxpayers between $50-100 billion and possibly more – all without a Congressional vote or consultation.
On April 29, 2010, Rep. Mike Pence (R-IN) and I wrote a letter to Treasury Secretary Tim Geithner warning of the dangers of U.S. participation in a Greek bailout. “The Obama Administration needs to understand that bailing out Greece will not solve Greece’s problems,” I said at the time. “It will only create a moral hazard that gets America more involved in the gathering storm of European bailouts.” That storm has since consumed Ireland and Portugal and others may be on the way.
At a time when the U.S. government is borrowing $5 billion every day on top of a $14 trillion national debt, does it really make sense for us to borrow even more money (much of it from China) to help bailout Europe? After all, the European crisis was caused by too much spending and borrowing, and that crisis will not be solved by more spending and borrowing.
While the IMF refuses to provide a reliable number, we estimate that America’s contribution to a Portuguese bailout is equal to writing a check worth $600 for every man and woman in Portugal. This largesse makes it more likely that larger counties – particularly, Spain and Italy – will be standing in line for U.S. tax dollars tomorrow. That is unacceptable. We cannot take the “too big to fail” philosophy to a global level. The only thing “too big to fail’ is America itself.
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92 Comments
What makes people think that the Obama administration cares about the US taxpayers (or anything else for that matter)? He just thinks if we run short then we can just print up more. He's like someone yelling, "I can't be out of money, I still have checks left!"
No problem, we will just borrow more so we can bail out others who borrowed too much. I sure hope there is someone left at the end of the game to bail us out.
Unfortunately no one will bail US out. Even the countries we have supported for decades.
Rep. Rodgers, how does the Executive Branch have the authority to spend this money on non American debt? Seems to me Congress is either being bypassed again or punting their responsibility again.
The current WH administration will NOT be satisfied UNTIL the American Taxpayer, our children and grandchildren are COMPLETELY BROKE! After all, the liberal democRATS end goal is socialism/communism that they openly support at TEA party rallies and the union protests against Gov. Walker in Wisconsin.
WE THE PEOPLE need investigations into soros and his cohorts in the DESTRUCTION of the U.S.A.!!!!
These clowns want us to raise the debt limit so we are not forced into default.
Why???????????????
Time to stop all foreign aid.
Remember, he has a stash!! An Obama stash!!
My question is which bucket of monopoly money did or does the House authorize for the Administration to use for the bailout du jour? Why don't we just cut off little Timmy's cash?
It's unclear that any of this could have happened had the pre-Bretton Woods "gold standard" and "silver standard" networks of countries remained as they were. Modern banking takes no notice of the backing behind a nation's money…mainly because there is none, in any nation anywhere. But before the Bretton Woods Agreement, it would have been a major sticking point in inter-government lending: To what standard do we peg your debt to us? And with what do you propose to pay us back?
Governments being slipperier than a greased pig about their fiscal arrangements, the chicanery used to fan-dance such loans would no doubt have been complex and ingenious, but I severely doubt that the truth of the matter could have been withheld from the public for as long as it's routinely withheld today.
Iceland is saying "NO" in their votes cast when their government proposed paying back the European debt caused by their bankers……. Where's our no vote?
.
http://www.zerohedge.com/article/its-economy-mend...
China. They will buy our Government and take it over…
No thanks, pity to anyone who gives them a dime of taxpayer money…exiled for good.
Here's my thought for the morning (being Monday morning thinking isn't easy…)
Let's just cut a 115 billion check for every Europian country. You know they're all coming to ask now that we've bailed out three, and you know what Soetoro thinks about Justice- it's only fair!
Oh and why stop there. We'll start cutting checks to every failing Muslim country as well- fair is fair after all.. Oh, hey did I miss the rich Opec countrys as well. Sorry, let's cut a check to them too! Did we forget anyone? (Told you thinking was dangerous for me on Monday morning….
Most of the "financial bailout" this country now endures the debt from went abroad. The economic meltdown so touted was not our own, it was on a global scale and its cause was "Sharia compliant products and services" and other socialist central planning in the vein of Grameen banking focused on "Social Justice" via "redistribution".
Imams in the Middle East blame "The West" for all of the ills "their people" endure while it is their own social policies, in their case religious in nature, that foist the desperation and destitution upon the average person. The Europeans engage in policies, extreme Liberalism bordering on outright Marxist Communism, and while not religious in nature, it is their own policies that foist the economic danger this article is about upon the people of those countries. They point the finger of blame at America as well, though it is politicians doing so during the workweek rather than during Friday Prayers.
Both sets hold their collective hands out to the USA for solution and expect future generations of Americans to pay for it all, via taxation, all while blaming Liberty and Capitalism that flows here that creates the bailouts. Ridiculous!!!
It is time the world's despots and dictatorships and failed socialist and communist models experience the responsibility they themselves own.
No More Bailouts! Period. We The People reject Dhimmitude and we will no longer pay the Jizyah. We will no longer set aside our own prosperity so that the fruits of our labor are redistributed to the rest of the world. We will no longer see our natural resources set aside as untouchable while being forced to purchase them abroad.
We The People are singing some Old School Twisted Sister right about now.
" We're Not Gonna Take It, No!, We ain't Gonna Take It, We're Not GonnaTake It…Anymooooooooore! "
Enough!
That is exactly it. CONGRESS is to blame here and Republicans have 100% authority to stop it from happening.
Speaker Boehner, do you yet understand that We The People understand this is on YOU and YOUR party and that blaming Soetoro and Democrats isn't going to work this time?
This is what a Muslim President will do to bankrupt America. It is predictable at this point is it not?
My politicians refuse to answer this question. Can someone please explain to me WHY OBAMA gets away with SPENDING huge sums of taxpayer money WITHOUT CONGRESSIONAL APROVAL. How can we bail out Europe when we are on the edge of financial bankruptcy ourselves. Why can’t some ADULT step in and sue to stop this suicide mission Obama appears on to destroy America. Surely the Speaker of the house or Minority leader of the Senate can Sue in their official capacity to STOP the ILLEGAL spending on Constitutional grounds. Why is this not done? In my view the master plan to bankrupt America is underway and no one cares or is doing much to stop it. Why?
It is time the world's despots and dictatorships and failed socialist and communist models experience the responsibility they themselves own.
Long past time.
We're pretty much there.
That RNC commercial is not fantasy.
Agreed, economics ain't his strong point.
He simply surrounds himself with Keynesian economists who tell him exactly what he wants to hear. Raise taxes, spend more.
Probably regular dues to the IMF.
As I understand it, for the most part, bailouts don't get paid back.
Did we forget anyone?
Yeah, me! Where's my $155 billion. And I'll take mine in gold,keep the near worthless government check.
Reward bad behavior, and guess what you get from humans? More bad behavior.
Yup, the chickenschit GOP leadership LET this happen…..
"Can someone please explain to me WHY OBAMA gets away with SPENDING huge sums of taxpayer money WITHOUT CONGRESSIONAL APROVAL"
It would help if you knew what the IMF was. Basically, it's bank that loans to countries. Congress already funded our part in it. Obama doesn't decide whether they help Portugal—the IMF does that. And what Portugal will get is a loan to be paid back. The purpose of the whole operation is to keep international economic affairs stable. Maybe it works, maybe it doesn't, but it's not Obama's slush fund and it isn't purely a bailout.
Wow!
You guys might not believe this, but just the other day I was sayin' Ya know what? After Cowboy Poetry Festivals, I think the best use for all the extra cash we have hanging around is bailing out hopelessly phucked European countries.
I have no doubt that you're correct about that, but for what reason don't they get paid back?
– Does the debtor government fall, and its successor repudiate the debt?
– Is the debt explicitly forgiven by the creditor nation or institution?
– Is the "debt" not a debt in the first place, but a gift?
– Some other reason?
The "bailouts" offered to "too big to fail" companies in this country were structured either as loans or as purchases. Many Americans probably assume that inter-government bailouts would be structured as loans…but are they? And if they are, what sort of "security" does the borrower government provide, apart from its "full faith and credit?"
Pence is wasting his time. Geitner's so stupid he'd pay 40 quid for a cup of tea in London.
Obama is in cahoots with all our worst enemies. His purpose in life is to bring down the USA. But I think there is an even more evil goal for him. I think that they have already divvied up regions of the world and unbeknown to us, are pushing us all in the directions they have already decided on. Things are just too bad and all he does is nothing. He either does nothing, or else he does something that makes it even worse. Obama is evil. Pure evil.
There are ways to hide the true size of a bailout, fuzzy up how much was actually paid back, and what is done with any money that's paid back. Notice how the headlines in America are about how great the economy is doing, and then 3 or 4 months later, on page 12 C, a small paragraph on how the numbers were readjusted and they don't look so good after all?Politicians and their supporters from both sides of the aisle love to pat themselves on the back about the Clinton balanced budget? The budget was never even close to being balanced. All the government did was pass laws that take parts of the official budget that don't fit, and legally make them no longer part of the budget. Hocus-pocus fish bones choke us. A balanced budget. That way the GOP congress could say they kept their promise and the democrats could say they were officially fiscally responsible, and the only people who got screwed over was We The People. It was a win-win situation for both parties.
So we are borrowing money from China to bail out Portugal.
"Hey China, can we borrow another boatload of money so we can give it to another country? Our president wants to look good!". How freaking stupid is this?
OK, Rep. Rodgers, What did YOU do to stop it? What are YOU prepared to do to stop it from happening again? Are you going to confront Boehner and demand he put his big boy pants on and do what all of you Republicans were elected to do? We put the Republicans in charge to begin getting this ship righted , and so far, all we've seen is capitulation to President Zero and the rest of the leftist horde. Thanks for nothing.
So a Czechoslovakian and a Russian were on an expedition in the polar region of the artic, when they came across a pair of polar bears mating. Needless to say, Polar bears don't take too kindly to being watched, and so attacked the two adventurers.
When the rescuers came on the scene, they found and shot the bears. First they cut open the female bear and out poured pieces of the Russian. One rescuer asked "Where's the other guy?"
The response was "The Czech is in the male…"
Oooooooooooooh that's bad!
“It is our true policy to steer clear of permanent alliances with any portion of the foreign world.” George Washington farewell address.
Politics and economics don't mix.
Told you- it's Monday morning….
Oceania, Eurasia, and Eastasia. Its 1984 all over again.
And if Trump becomes President, the United States of America will own Portugal, Greece, and Ireland.
"Everything I need to know I learned at the Ice Cream Store" -Obama's 3rd book
When young Barack Obama had friends come into the Ice Cream Store where he worked as a youth, he liked to give them free ice cream; they didn't pay for it, he didn't pay for it, and more Ice Cream always showed up the next day… it wasn't stealing, it was redistributing Ice Cream.
And if Trump becomes president, DUCK! Pigs will be flying! And I mean pigs,not PIGS.
Funny how he's announcing on his TV finale. Donal Trump playing an angle to make a buck and stroke his ego???
Nawwwwwwwww!!!!
PT Barnum was right!
If a Kenyan Raghead can become President of the United States of America then Donald Trump can become President of the United States of America.
"I wonder when Congress will finally come to this conclusion and be ready to do something that is really long-lasting and far-reaching in terms of impact upon our prospects for sustainable prosperity."
I should live so long.
I disagree completely. The left wants indentured servitude to government from the American citizens. Slavery for our children and grandchildren is the desired goal.
“The time is near at hand which must determine whether Americans are to be free men or slaves.” George Washington
Those words are timeless. Look, we need to start framing the issue using terms like slavery. If our children and grandchildren are forced to work to pay off someone's free ride, how is that any different than slavery?
Think this through to the end. Eventually people who produce will start to leave America for more prosperous shores. That will further reduce the base of tax paying citizens. How long after that begins before the government prevents people from leaving?
Does anyone really believe that in the former Soviet Union the useless freeloaders were the ones' trying to defect? If so, why would the Soviet Union expend so many resources to keep it's people in?
Atlas Shrugged playing out right before our eyes.
Just think that what might save our bacon on this are the Finns! =^)
http://www.allvoices.com/contributed-news/8815730...
The wave of nationalism may not be good when you think about Europe as a mass of socialist states, but we have to hope that these folks are not socialists at all.
Nationalism is only bad when you combine it with socialism. Combine it with capitalism and you have prosperous nations.
Yes. Yes he can. You and I could become president under those standards. But, let's not start using the Kenyan Commie as our bar. Not yet anyway. My point all along has been that he really doesn't want to become president. That he isn't going to run. He is show boating and the news about announcing his TV show confirms that.
Yeah, he's mixing things up a bit and that's good but in the end, he's just stroking the ego and pimping his show.
I attended the Madison, Wisconsin rally on Saturday, my 3rd Tax Day Tea Party in Madison. We are winning this fight. The days of intimidation are here but we are not being intimidated. If Wisconsin can win these battles The Republic can survive. It starts with each of us refusing to capitulate to Socialism.
For a guy who has no idea what he is doing and has surrounded himself with liars and cheats, the poser truly sucks.
What makes him think he can do a second term. Now, THAT is just arrogant.
Truly this first term has not sucked enough life out of him yet.
They will help us in the same manner they helped us with Libya….oops. Maybe the same way we helped Indonesia and Haiti…..woops. Or maybe they just think better of us now that we have had a great dinner for them at the WH….ummm….never mind.
Gutless wonder politicians? Spineless professional spenders in both parties?
just guessin……….:-))))))
SPLATTTTTTTTTTTT!
git in line. u owe me a monitor. u can split 3 ways with Cowboy Logic and Navy Gentleman!
BWAHAHAHAHAHAHAHAHA
Nah……
Brazil.
))))))))))))
And YOUR choice is………………………….
Fire up the Printers!! For 116 billion of worthless reproducible papers when can OWN PORTUGAL! Itr's there fault if they accept dollars for the "bail-out"…. It's not like they are asking to be bailed out in gold or anything of value… it's just dollars.
RON PAUL.
And now alGoreacle knows where the "endangered polar bears" went…<snort>
I don't know Stomp. I just don't know. I don't think there is a choice to be made here my brother because I don't think he's running. I honestly don't think he is going to follow through. Should he announced, should he hit the ground running next winter in Iowa and NH then, I'll take a good look at the man.
Until then…….
We better not be on the hook…no way, no mas, no Obama.
Well while we're waiting……here's some interesting stuff to gander at.
HERMAN CAIN
http://www.youtube.com/watch?v=C0jLKhyUhBY&fe...
http://www.youtube.com/watch?v=LDuoVjil8qc&fe...
http://www.youtube.com/watch?v=u2Mqie_h9uU&fe...
http://www.youtube.com/watch?v=k5QnWvYi6zc&fe...
http://www.youtube.com/watch?v=e-Sm8F6zIhA&NR...
http://www.youtube.com/watch?v=01GVBcsgLuI&fe...
http://www.youtube.com/watch?v=3cFAnVmcARw&fe...
http://www.youtube.com/watch?v=X_cBOkCQlqI&fe...
http://hermancain.com/
Appreciate it my friend.
And who will the parasitic leeches in Europe (and the rest of the world) point their finger at when their handouts finally get taken away (i.e. the system of fiat currency comes crashing down) ? The United States, of course.
I got two of them in my deep freezer. Great meat. Taste just like chicken- wait that might just be chicken… I wish I would label things better.
I hope it *was* chicken <shudder> cuz bear meat- especially bears that have been eating fish is just awful.
Now some black bear that's been a berry fanatic isn't so bad…kinda like ham. Mmmm….ham.
It's obvious that the world has gone mad and the banks like the Federal Reserve and the IMF are leading the way. Where in the hell does the Constitution give any elected official the power to give away the assets of the American people? Where???
<sigh> Billyb9, based upon this Monday morning thread (and in your defense I acknowledge ppk pixie was here) I am now unable to "leave you the hell alone" and will have to follow you.
Laughing is good for my marriage, and hubby is ROTFLHAO over the Czech is in the male.
just know, I'm spray painting your flight boots pink, DB ;- P
Yeah, I'd say we didn't need the movie, but the people in the movie are so much more pleasant to look at than most of the clips on BB.TV.
I am tough, pink Flight Boots, no sweat. Now, don't you go after 5lbs…he is all guy, wants his sweaters black or OD-Camo only. (That's why I had to buy those knitting books, do you know how many totally stupid looking dog clothes are on the market?)
Ok, but I gotta warn you that I do break out in Bible verse every once in a while…
Oh, and you reminded me, I gotta change that title thing. It's not too friendly, really, is it…
Billyb9, do not change your avatar, it's great! And FYI, before I commit to "following" people I usually go back to some of their first posts, just to see if they are "consistent.' And low and behold, your first post was Proverbs 6:16-19. Well, that sells real good in this Born Again household. Break out with gay abandon please, and Proverbs 6 is THE correct pick for the current administration IMHO.
In Soviet Russia, country defect YOU!
http://www.zazzle.com/funny_small_dog_clothing_do...
tell 5lbs I said he's welcome ; )
and did you just ask me if I knew how many totally stupid looking DOG clothes….??? helloooooooo..? LOL
And here- http://www.waterproofrainboots.com/products/women...
your new <snort> boots.
(I could have sworn I sent this over an hour ago, but it never posted…weird)
I've been vetted more diligently than our President and half his Czars! It's a good thing Intensedebate mantains the data base since the beginning of time.
My first thought is "absolutely unbelievable"….yet when it comes to the BO ideology it makes perfect sense.
This is to help redistribute American wealth.
We the People have no say, no recourse, disgusting.
I turn BO off I refuse to listen to him. The only thing I want to hear out of his mouth is his resignation speech.
my 6 to your 3. You lose.
Forgive me for being a bit dense this morning, but could you clarify your reply? I was referring to the book "1984".
I think the problem is that he has had congressional approval. Bush had it for six years and caused much damage. Obama only had it for two years and really stepped on the gas. The only times in the last 30 years when we've even had a speed bump on the way to insolvency has been when one party is in the WH and the other controls Congress.
Now, can we sue? No. But Congress can make a stand on the budget and the debt ceiling. Without the Senate, however, it makes it very difficult to force these measurements onto Obama and force him to officially veto a reasonable budget plan.
Remember that we've got more problems that Obama in government and that they have been overspending for a very long time. I agree with you that some in Government (and nearby) have a master plan to bankrupt America. But most of our "representatives" are simply addicted to spending and can't stop. Their compassion for all problems corrupts them. It is always easier to tell the constituent who has an autistic child (for example) 'yes' the government can help, than saying 'no' we don't have the money– especially when the money isn't yours to give. I mean, we all love spending other people's money.
Yeah I agree, but if he ultimately decides to run as an independent after not receiving the GOP nomination, then he is most definitely an undercover agent for Obama….maybe even Obama's baby daddy?
I am sending some investors to Hawaii (and Kansas) just to make sure.
I was only referring to the thumbs up and down. I know you were referring to the book. But not having read or not remembering it in detail, I assumed you meant that there was nothing unusual about what was going on these days (i.e. 1984 was 27 years ago). I really worry about what is going on these days. Really. And not just the American economy. Something wicked this way comes. Also a book title.
Ah! Now I understand. If you do get the chance, read “1984″. It was written by a recovering Communist, George Orwell. For a decent synopsis go to <a href="http://en.wikipedia.org/wiki/Nineteen_Eighty-Fourhttp://en.wikipedia.org/wiki/Nineteen_Eighty-Four… />Check out the subhead Political Geography. Of course Orwell wrote it in 1949, so 1984 was pretty far off at the time.I too worry about the here and now. The forces of evil are the same and the conflict is the same with a different cast of characters: tyranny vs. liberty.
Yes, I'm reading the synopsis right now. I'll get the book again. That's around the time of the HCUA hearings, which was (I believe) when political correctness stopped everyone from speaking about the threat of communism. I'm currently reading "Witness" by Whittaker Chambers. A former American communist who turned, testified, and this book is his story to his children. Amazing! And the details keep reminding me of things that could be going on today. As some people say, "The Soviet Union may be gone, but all the Communists are still there."
Thank you for including me in your follow list. I will return the honor. I've got “Witness” somewhere around the house, just need to dig it up. Wm Buckley was a big fan of Whitaker Chambers. Communists are a dangerous cult.
Other books I've read, or am still reading, this past year are "Destructive Generation: Second Thoughts About The Sixties" by David Horowitz (a reminder and an insiders view of the revolutionaries), "DUPES: How America's Adversaries Have Manipulated Progressives for a Century" by Paul Kengor, "Shakedown: The Continuing Conspiracy Against the American Taxpayer" by Steven Malanga, "Radical-in-Chief: Barack Obama and the Untold Story of American Socialism" by Stanley Kurtz, and "I Can't Believe I'm Sitting Next to a Republican: A Survival Guide for Conservatives Marooned Among the Angry, Smug, and Terminally Self-Righteous" by Harry Stein. Together, they give enough context to current events to make any red blooded American scream.
Nice! I'll check some of them out.
Glad you think so. I'm following you on Twitter btw. as tinydancerII.
Won't be able to follow me far as I signed up for twitter but haven't tweeted since. Might be too old to figure it out….
Ha, ha! That's ok. Nice chatting with you today anyway. Take care.
So I was just thinkin' to my self- "Self, I wonder what DB523 might be saying today- Why I think I'll follow her." So I hope you don't mind- TAG!
Does your hubby comment on the Big Sites as well? I'd love to give a shout out if I run into him….
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