Here’s some completely depressing news. CNBC is reporting that President Obama is putting American taxpayers on the chopping block to bail out Greece’s corrupt politicians. But, to show he doesn’t discriminate, he also encouraged the German Chancellor to rape her nation’s taxpayers for the same purpose.
President Barack Obama on Tuesday…pledged U.S. support to help tackle the country’s debt crisis. …After a meeting with German Chancellor Angela Merkel, he stressed the importance of German “leadership” on the issue – a hint that he expects Berlin to help – while expressing sympathy for the political difficulties European Union countries face in helping a struggling member state.
The story doesn’t have much detail, but it appears that Obama is willing to brutalize American taxpayers directly (which is what he means by “on a bilateral basis”) and indirectly (i.e., the reference to “international and financial institutions like the IMF”).
…”we have pledged to cooperate fully in working through these issues, both on a bilateral basis but also through international and financial institutions like the IMF.”
What makes this development so unpleasant is that this new bailout (Greece already has been bailed out several times, with both direct and indirect handouts) will make things worse. Another bailout will be a case of throwing good money after bad. And it will exacerbate the economic damage by delaying the economic reforms that are needed to put Greece’s economy in better shape.
And to make matters worse, the other insolvent European welfare states will look at what’s happening in Greece and conclude that they also can avoid necessary reforms and wait for handouts from American and German taxpayers.
Obama is a complete idiot, when your in debt the first thing to do is get outa debt thats just comon sense, becuase if not then you just get deeper and deeper until you end up haven to pay the rest of your life and then some to get out of debt. So why in the Hell would you give more money to a country that ended up the as last time it was bailed out,in another finacial crisis, and there not wantin to change what there doing so they’re just going to end up failing again. Let em go broke maybe they will then change thing in the Greece Government to thrive not fall. I was brought up to always fix what you break, so let the d**n Greece Government figure out how to fix the Economy that they are breaking. in my personal opinion Obama needs to get booted out of any/all government offiliated offices. he clearly has no idea what he is doing.
The US already gives Israel $2,000,000.00 a day in Foreign Aid from US tax payers so these Jews can massacre Arabs and build nuclear weapons.
At least the Greeks brought the Western World democracy, innovation, philosophy, etc, and basically taught the rest of us to to walk upright right after our ancestors were done swinging from trees.
[…] that why the Obama Administration supports the IMF bailout of Greece, which means we’re all paying for this nonsense?!? Be Sociable, Share! […]
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Is there any support behind Obama’s intentions to bailout Greece with U.S. funds? I thought he was implying we help them in terms of guidance. Sure, that’ll cost money, but it’s not really more than a ‘donation,’ let alone a bailout.
[…] With this in mind, do you agree with President Obama and want to squander American tax dollars on a bailout for Greece? […]
[…] With this in mind, do you agree with President Obama and want to squander American tax dollars on a bailout for Greece? […]
[…] With this in mind, do you agree with President Obama and want to squander American tax dollars on a bailout for Greece? […]
[…] this in mind, do you agree with President Obama and want to squander American tax dollars on a bailout for Greece? jQuery('#lazyload_post_0 img').lazyload({placeholder: […]
YOU HAVE GOT TO BE KIDDING. OBAMA IS AN IDIOT.
[…] this in mind, do you agree with President Obama and want to squander American tax dollars on a bailout for Greece? Rate this: Share this:PrintEmailFacebookTwitterMoredeliciousDiggFarkLinkedInRedditStumbleUponLike […]
[…] let me qualify that statement. Governments do have the ability to maintain bad policy if they have access to bailout cash. And that’s been a problem in Europe. Nations such as Greece have very little incentive to […]
[…] Along with other members of his party, he is the best hope to block the bailouts that will reward profligacy and dig Europe’s debt hole even deeper. […]
true… you know what they say…If the prospectus for an investment states, “these securities involve a high degree of risk,” believe it
[…] appears that American taxpayers are about to subsidize another Greek bailout (via the Keystone Cops at the IMF). This is way beyond economically foolish. It is also morally […]
[…] notion that American taxpayers are about to subsidize another Greek bailout (via the Keystone Cops at the IMF) is way beyond economically foolish. It is also morally […]
[…] notion that American taxpayers are about to subsidize another Greek bailout (via the Keystone Cops at the IMF) is way beyond economically foolish. It is also morally […]
[…] notion that American taxpayers are about to subsidize another Greek bailout (via the Keystone Cops at the IMF) is way beyond economically foolish. It is also morally […]
[…] notion that American taxpayers are about to subsidize another Greek bailout (via the Keystone Cops at the IMF) is way beyond economically foolish. It is also morally […]
[…] 26, 2011 by Dan Mitchell The notion that American taxpayers are about to subsidize another Greek bailout (via the Keystone Cops at the IMF) is way beyond economically foolish. It is also morally […]
[…] Lovely…First the gubmint borrows money from the Chinese to give to the Obama’s buddies the Muslim Brotherhood in Egypt and now he wants to bail out the freaking GREEKS! Obama Wants American Taxpayers to Bail Out Greek Politicians and Dig the Debt Hole even Deeper […]
I wouldn’t get too excited about it. “”we have pledged to cooperate fully in working through these issues,” Is pretty vague. I suspect it translates to– “we’re all rooting for you Merkel,” go get em’.
Simple answer: because the Republicans nominated a Progressive-Light candidate.
Maybe this is stupid, by why the hell does Obama have the power to give Greeks my money?
[…] to help bail out Greece because the previous time failed so miserably. From Instapundit via Daniel Mitchell: What makes this development so unpleasant is that this new bailout (Greece already has been bailed […]
The Germans are boiling mad at Ms. Merkel for even getting involved in helping the Greeks (and by extension, the rest of the PIIGS). She’ll certainly lose her office if she does anymore to help.
For a guy who regularly demonizes US banks, it appears to me that Mr. Obama is worried about the excessive exposure they have to European national debts and the catastrophic consequenses to our bankers and shareholders if Greece’s default precipitates the European monetary crisis and the cataclysm that will follow. His solicitations for American money men is touching, to say the least, but American taxpayers cannot even make good our debts anymore, at $500K per household.
The Greeks can return to their recently escaped third world economic status as a good corrective to their decade long economic tomfoolery. If you need an enema you have to expect the s**t to follow. If they want American help they should be asking American greeks for it.
I second Harry. “Not only no, but HELL NO.”
Look, anything which destabilizes the West is a Good Thing ™ from Obama’s perspective.
As far as I can tell, he’s doing everything he can to destroy America and Europe.
Brazil and the Middle East get American oil money
Greece gets destabilizing “help”.
America gets destabilizing spending.
Not only no, but HELL NO.
Shorter form: Obama wants to hand a case of Grappa to a known alcoholic who’s been on a bender for years and fears sobering up.
Pierre deV reassures me immensely.
However, I believe he has misspelled “voy-la” 🙂
Didn’t everyone know? Greece is a (US) Government Sponsored Enterprise.
The goverment of Greece did not issue bonds with the full faith and backing of the U.S. credit. This is beyond absurd.
If the people of Greece want their goodies, let them pay for them. Not us, not the Germans the Greek tax payer.
Don’t worry about a thing! Whenever Obama says he’ll do something, he doesn’t. Whenever he says he won’t do something, he does! Voila!
To belabor the point made all over the blogosphere about this issue: Does Congres have a say in whether this bailout can be done? Congress is supposed to.
Dan, I rarely disagree with you, but I have to this time: it’s not throwing good money after bad–it’s throwing bad money after bad.
I”m not Greek, so you know I’m not biased: Saving US banks was not saving currupted people, speculating like hell in NINJA derivatives et similia? Come on. We have seen the results of letting banks bailing out, and here political implications are huge as well.