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« DERIVATIVES BATTLE ROYALE: Will There Be A Midnight Massacre Of Blanche Lincoln Over Section 106? | Main | Charlie Rose Interviews Nouriel Roubini »
Friday
May142010

Rep. Mike Pence (R-IN): NO IMF BAILOUT OF EUROPE

Video: Mike Pence Speaking Against the Bailout Plan in the House -- May 12, 2009

  • "We're not asking for their help with New Jersey or California, they shouldn't be asking our help for Portugal, Spain or Greece."

More VIDEOS below

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Posted by Dr. Pitchfork

Pence has introduced a bill in the House to STOP IMF involvement in the trillion-dollar bailout of Europe's banking system.  Throwing a hard right at the Obama administration, Pence said in a recent press release:

“Hoosiers 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. We face record unemployment and a debt crisis of our own, and taxpayers should not be forced to bear the risk for nations that have avoided making tough choices.”

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What Would the Bill Do?

According to Pence's office, 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.

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Video: Rep. Mike Pence (R-IN) Talks With Neil Cavuto -- May 12, 2009

 

Bonus Clip:  Pence Tells Congress, "Reject this Bailout"-- September 29, 2008

Awesome stuff...worth  a few minutes.

 

 

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(Screenshot)

 

 

 

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Reader Comments (5)

Awesome job, dr. pitchfork...great post...great clips...
May 14, 2010 at 10:04 AM | Registered CommenterDailyBail
POOR VS ELITE

Thai troops battle protesters as crisis deepens

(Reuters) - Thai troops opened fire on rioting anti-government demonstrators on Friday in an attempt to throw a security cordon around their protest site, turning Bangkok's commercial district into a bloody battlefield.

http://uk.reuters.com/article/idUKTRE64B08I20100514
May 14, 2010 at 5:00 PM | Unregistered CommenterZarathustra
ON-LINE POLITICAL SPEAK TRANSLATOR;

(type in phrase used by politician)--> "NO IMF BAILOUT OF EUROPE"

(translation of actual meaning)--> "No PUBLIC bailout of Europe!"
May 14, 2010 at 9:18 PM | Unregistered CommenterRecoverylessRecovery
RLR, I don't know if you llistened to any of the clips, but when it comes to bailouts, Pence is one of the good guys. His whole point is to highlight the public expense of an IMF-assisted bailout, and to stop it.

He says: "The American people deserve to know: we're bailing out Greece. And future Americans may be picking up the tab for as much as 50 B dollars..."

Pence has been on the right side of this issue from the start.
May 14, 2010 at 10:10 PM | Unregistered CommenterJames H
James H...

RLR is in high school. Did you see all his posts today, just jibberish.
May 14, 2010 at 10:28 PM | Unregistered CommenterZarathustra

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