Posted on 12/02/2010 6:27:52 AM PST by Reaganite Republican
Carrying their military burden for 65 years apparently not enough to prop up the self-indulgent socialist superstate...
After a $90B Ireland bailout by the European Central Bank that -like Greece- was substantially underwritten by the United States via the IMF, a new Federal Reserve report released late yesterday revealed multi-trillions-of-dollars has also been paid in bailouts to US and many foreign banks in the midst of the financial crisis: New documents show that the most loan and other aid for U.S. institutions over time went to Citigroup ($2.2 trillion), followed by Merrill Lynch ($2.1 trillion), Morgan Stanley ($2 trillion), Bear Stearns ($960 billion), Bank of America ($887 billion), Goldman Sachs ($615 billion), JPMorgan Chase ($178 billion) and Wells Fargo ($154 billion). Merrill Lynch was later acquired by Bank of America, while Bear Stearns collapsed and was sold to JPMorgan.
Foreign banks also benefited from the Fed's aid. They included Swiss bank UBS, which borrowed more than $165 billion, Deutsche Bank ($97 billion) and the Royal Bank of Scotland ($92 billion).
Many of the individual loans the banks took were worth billions and had short durations but were paid back and renewed many times. Among the largest recipients were foreign central banks, such as the European Central Bank, Bank of England and the Bank of Japan. They borrowed huge amounts of dollars from the Fed to assist their own banks. ...... Barclays, a British bank, tapped the same facility 49 times. Its individual loans ranged from $300 million to $15 billion.
And here's the kicker: the Obama Administration is now talking about sending still more IMF funds in an effort to stave off a collapse of the Euro... this from the same Obama that says we can't afford to uphold the Bush tax cuts... Reuters reported at midday that an unnamed U.S. official said the U.S. would be willing to have the IMF give more money to support the European Financial Stability Facility. The U.S. is the IMF's biggest stakeholder.
The EFSF is a 440 billion euro fund the Europeans put together as part of a broader 750 billion euros rescue package in May during the Greek debt crisis. The IMF has already pledged up to 250 billion euros.
But some conservatives -like Rep Mike Pence (R-Indiana)- are standing up and saying enough-is-enough: we don't have any money, the Chinese are on the brink of cutting us off, and the Fed had better lay off of that printing press before it explodes... that, or the dollar implodes: Rep. Mike Pence (R., Ind.) said he would strongly oppose any attempts by the Obama administration to increase its contribution to the rescue fund aimed at mitigating the sovereign debt contagion affecting an increasing number of European countries.
The lawmakers' comments came several hours after Reuters reported that a U.S. official in Europe had said that the administration was considering a larger IMF contribution to the EU bailout fund.
A bigger fund would likely include a larger financial contribution from the IMF, which now is committed to spending as much as EUR250 billion on euro-zone rescue loans.
And if you haven't caught it by now... let Nigel Farange of the UK Independence Party tell you just what he thinks of the whole project as the Euro slides into the tank, just like he did while comprehensively dressing-down most of the top Eurocrats in Brussels...
More at Reaganite Republican
So, if I’ve got it right, foriegn banks borrowed money from the Fed and then paid it back. And my worry level should be high why exactly...?
U.S. citizens shed blood to keep Europe from being enslaved, and we’ve invested hundreds of billions for its defense since WWII. Now we bail them out with more hundreds of billions so they can keep their socialism going.
And they consider us unsophisticated rubes who don’t know how to run our country.
Shame on us for proving them correct.
"We want our money back! Give it back or do you want to lose California? . . . . Well?
"We're thinking. We're thinking."
Thanks, Jack Benny. :)
Most likely going straight into Soros' pocket.
Millions of Americans oppose the US bailouts
How do you think they feel about bailing out the Deustche Bank...? THE GERMANS!
No problem with you tho, right? Plus they’re risking our economy even further, paid back or not... we DO NOT have the $, we’re just printing it and risking a collapse of the dollar and or hyper inflation.
The more we print, the more the risk. We had to print 100s of billion$ for the Europeans... no problem there either, right?
You think those transactions took place using cash? LOL.
+1
We don’t have the money to bail out Europe today.
In the 1940’s and 1950’s we were flush with money, and had the ability to prop up Europe so it could get back on its feet.
Today we’re in a deep economic hole. We don’t have the money to bail out ourselves, much less Europe.
If they thought the Tea Party movement was big last election, just imagine how much it will grow as the news spreads that we are bailing out Europe.
So I work my ass off into my 60’s or 70’s so I can support Europeans who live in socialism, who hang out in cafes sipping latte all day and who retire in their 50’s? This is on top of the Marshall Plan after WWI and our defense covering their wimpy socialist butts since then. Just what is wrong with this picture?
Exactly
I know they argue that it would be disaster if we let the banks fail (which makes sense, since that would be capitalism, and we all know that has been proven not to work, since it failed so badly when we didn’t try it). Said disaster would have a huge price. Looking at the several trillion given to US banks alone, I have to wonder just how much worse “disaster” would be.
Most everyone else in the nation is debating whether the Fed should focus on [American] price stabilization versus [American] economic stabilization (or even the elimination of the Fed altogether), but you expand the discussion to whether their duties should include bailing out foreign countries. Incredible.
Nice attempt at twisting my words. You want to give your outrage meter a boost, have a feelgood rage moment, go for it. I prefer to understand an issue before getting hot under the collar.
If foriegn banks borrow money from the Fed (and pay it back) and that process helps stave off an economic black hole, I’m not going to start frothing. But, as I said, if you need a jolt to get out of bed then have at it. I don’t care.
Our nation is over. There is no way out of this crap.
A loan repayed equals no debt and no liability. So you really need to explain where the problem lies rather than making it up as you go.
Now that you paid back the loan, with interest, should we continue whining?
Huh? Short term loans that were paid back equal you supporting Europeans how exactly?
Just what is wrong with this picture?
Weak math skills.
40% of US banks failed during the Great Depression. That was no big deal, right?
Looking at the several trillion given to US banks alone
Given? You mean lent and repaid, right?
I have to wonder just how much worse “disaster” would be.
Unemployment in the Great Depression only hit 25%.
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