Sunday, May 16, 2010
The Greek Bailout! It's Greek To Me
Why YOUR MONEY should not be going to Greece!
In 1794, when Congress appropriated $15,000 for relief of French refugees who fled from insurrection in San Domingo to Baltimore and Philadelphia, James Madison stood on the floor of the House to object saying:
“I cannot undertake to lay my finger on that article of the Constitution which granted a right to Congress of expending, on objects of benevolence, the money of their constituents.” — James Madison, 4 Annals of Congress 179, 1794
Entitlement-mania in that nation has cost more drachmas than it could raise in the next 50 years, and the U.S. Spender-in-Chief wants to lend a hand -- yours. Here's how: Of the $145 billion Greek bailout passed early this month, $40 billion will come from the International Monetary Fund. And guess where the IMF receives a big chunk of its money? You, again. Economist Stephen Moore writes, "Last year, the Obama administration muscled through a new authorization of $100 billion in funding for the IMF." So first, the Obama administration pushed to fund the IMF; then, it pushed to bail out Greece using IMF funding. Welcome to Obamanomics.
It would appear that no one in Congress has ever read the Constitution or perhaps they just don't care, after all it's only money.