Craving more taxpayer-funded bailouts of banksters?

[Subdivisions]

Democrats agree to IMF money in U.S. war bill
By Jeremy Pelofsky

WASHINGTON (Reuters) - Democrats in the U.S. Congress have reached a deal to boost support to the International Monetary Fund, lawmakers' aides said on Tuesday, a victory for President Barack Obama who pledged to help the lender assist countries in the global economic crisis.

The war funding measure will provide a $100 billion credit line to the IMF, increase the U.S. member contribution to the IMF by $8 billion and authorize the United States to back the IMF's plan to sell 400 tons (12.97 million ounces) of gold, said the aides, who declined further identification.

Obama had pleaded with the House of Representatives and the Senate to approve the provisions and the full funding package is expected to be completed in the coming days.

The bill must be voted on in both chambers before being sent to Obama. The House approved a $96.7 billion measure for the wars in Iraq and Afghanistan without including the IMF provisions while the Senate approved a $91.3 billion version with them.

...

http://www.reuters.com/article/politicsNews/idUSN0244336720090602


As far as I am concerned, this is tantamount to We the People bailing out foreign banks without any representation whatsoever. Meanwhile, no money for you! ---->


Bernanke Warns Deficits Threaten Financial Stabilit

June 3 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke said large U.S. budget deficits threaten financial stability and the government can’t continue indefinitely to borrow at the current rate to finance the shortfall.

“Unless we demonstrate a strong commitment to fiscal sustainability in the longer term, we will have neither financial stability nor healthy economic growth,” Bernanke said in testimony to lawmakers today. “Maintaining the confidence of the financial markets requires that we, as a nation, begin planning now for the restoration of fiscal balance.”

...

The budget deficit this year is projected to reach $1.85 trillion, equivalent to 13 percent of the nation’s economy, according to the nonpartisan Congressional Budget Office.

“Either cuts in spending or increases in taxes will be necessary to stabilize the fiscal situation,” Bernanke said in response to a question. “The Federal Reserve will not monetize the debt.”

...

House Majority Leader Steny Hoyer told reporters that Bernanke “is absolutely right, we need to be very concerned about incurring additional indebtedness.” The House plans to pass legislation before its July 4 recess to cut spending in one category before increasing it in another, he said. In addition, “we need to address entitlements.”

...

http://www.bloomberg.com/apps/news?pid=20601087&sid=ahrOZ.gd85yc


Oh really, Ben? The Federal Reserve will not monetize the debt? I guess that explains http://money.cnn.com/2009/06/03/markets/bondcenter/bonds/?postversion=2009060314">this. NOT!

Well, isn't all of this so very special? Trillions for the banksters. Billions for the IMF. But you can go straight to hell.

[babylonsister]

1. I love that first sentence.

WASHINGTON (Reuters) - Democrats in the U.S. Congress have reached a deal to boost support to the International Monetary Fund, lawmakers' aides said on Tuesday, a victory for President Barack Obama who pledged to help the lender assist countries in the global economic crisis.

And the rest of that swill? Who knows? Not you.

[Hannah Bell]

3. well, dems *are* the majority party. And he *did* make the request. So not sure why you have a

problem with the reporting in the first sentence. I don't see how it misrepresents the case.

Obama IMF aid request goes into Senate bill

Wed May 13, 2009

WASHINGTON (Reuters) - The U.S. Senate will include President Barack Obama's request for up to $100 billion for the International Monetary Fund in its bill to fund the wars in Iraq and Afghanistan, Senator Judd Gregg said on Wednesday.

Obama asked Congress for the aid to help countries weather the global economic crisis. He also wants to increase the U.S. contribution to the IMF by $8 billion and is asking for support of the IMF's planned 13 million ounce gold sale.

http://www.reuters.com/article/politicsNews/idUSTRE54C63G20090513?feedType=RSS&feedName=politicsNews

[DCKit]

2. Whose 400 tons of gold is the IMF going to be selling?

This isn't a freaking bake sale Mr. President.

[slipslidingaway]

4. knr nt