Chart from Zerohedge
This chart shows how Tim Geithner is supporting the bailout of the European Union without any Congressional oversight. How much money has already been transferred? $614.4 billion in the past eight weeks. Remember the first stimulus giveaway by the Obama administration? The program that spent $787 billion was authorized by the Democrat controlled Congress to save the country’s economy. We all know how that failed but at least the Congress authorized this expenditure.
At the current rate, the United States will have given the European Union (through the IMF) the equivalent of the first stimulus in just two more weeks from now. This happened with no Congressional oversight, Congressional authorization or any public knowledge. So we have to ask how this happened without our knowledge and then why this happened.
Because they can. The “government of the people, by the people, for the people” is now the “government ruling the people”. Health care, Cap & Trade, Stimulus, Bailouts and transfers of our wealth to Europe were all done over the will of the American people. The government is under the control of the vain and aspiring men that Samuel Adams warned us about:
“If ever time should come, when vain and aspiring men shall possess the highest seats in Government, our country will stand in need of its experienced Patriots to prevent its ruin.”
Is there any doubt that this time is now? How can we just stand down and watch?
The Federal Reserve and the Treasury understand a simple fact: the notional derivatives in Europe held by United States’ banks will bankrupt this country. When the Euro fails, we will probably have three days before our banks collapse.
A few Republican leaders from the Financial Services Committee are attempting to stop the bleeding as shown below. Will eight representatives make a difference? Will true Americans stand up and sacrifice everything for our children? If not now, when?
Washington, Jan 25 – Republican leaders of the House Financial Services Committee are seeking assurances from the Obama Administration that U.S. taxpayers will not bear the burden of bailing out debt-ridden European governments.
In a letter sent Wednesday to Treasury Secretary Timothy Geithner, Chairman Spencer Bachus, Vice Chairman Jeb Hensarling and the chairmen of the Committee’s six subcommittees ask for confirmation that the Administration will not use taxpayer funds to subsidize Europe’s financial programs through additional contributions to the International Monetary Fund (IMF).
The IMF has requested up to $500 billion to respond to the Eurozone debt crisis. The U.S. is the IMF’s largest member country.
“The European Union includes four of the ten wealthiest countries in the
world. European countries have the ability to implement austerity measures to reduce their countries’ debt over the long term and they also have the means to restore confidence to markets,” Chairman Bachus and the other Committee Republicans said.
In addition to Chairman Bachus and Vice Chairman Hensarling, the letter was signed by:
Rep. Scott Garrett, Chairman of the Subcommittee on Capital Markets and Government Sponsored Enterprises
Rep. Ron Paul, Chairman of the Subcommittee on Domestic Monetary Policy and Technology
Rep. Shelley Moore Capito, Chairman of the Subcommittee on Financial Institutions and Consumer Credit
Rep. Judy Biggert, Chairman of the Subcommittee on Insurance, Housing and Community Opportunity
Rep. Gary Miller, Chairman of the Subcommittee on International Monetary Policy and Trade
Rep. Randy Neugebauer, Chairman of the Subcommittee on Oversight and Investigations