Left leaning sites like Daily Kos and FireDogLake, along with right leaning sites like RedState actually agree on something.
H.R. 2346, the 2009 Supplemental Appropriations Act, is terrible legislation. While the left and right have differences for opposition, we stand on common ground regarding one provision — we should not send billions of dollars to the International Monetary Fund to then bail out European national banks.
Jim Marshall and John Barrow are on the list of congressmen to call and ask them to vote no on H.R. 2346. Their contact information is below:
| Name | District | Phone 1 | Phone 2 | Phone 3 |
| Jim Marshall | GA-08 | 478-464-0255 | 478-296-2023 | 229-556-7418 |
| John Barrow | GA-12 | 706-722-4494 | 478-553-1923 | 912-354-7282 |
{ 3 comments }
Myopia strikes the angry again.
So let’s say we don’t help bail out some of the banks over there, like for example in Austria, Italy, Greece or Spain, where the banks are all coming unglued.
Now let’s give you a very possible scenario:
The bad debts that the banks are holding? A large chunk of them are those derivative thingies that are insured by… you guessed it… AIG. Who’s covering those bets now? That’d be us.
Now I don’t know this for sure, since the derivatives market is still a pretty badly kept secret as to who owns what, but that’s the rumblings I’ve heard in the financial blogs. AIG is insuring a lot of this bad debt that’s out there, so if we don’t help the market limp along so that maybe we don’t end up owning more of the bad debt problem, we end up paying immediately for the bad debt problem.
You want to see the recession get worse for the next year? Go all Rand-oid on us and watch the fun as the “shadow banking system” collapses. What you can’t see is MUCH scarier than what you are seeing.
It’s not so much that I don’t want to shore up the economy, it’s that the IMF has a proven track record of being the world’s worst predatory lender, and the least effective at any kind of economic restructuring. Plus this is attached to a bill to blow up brownies, and I thought we usually kept both these stupid and ineffective causes seperate?
OMG! Erick, I can’t believe you are proposing cutting off funds for our troops. And all because you don’t like some amendment attached to the bill. God, I wish Bush and Cheney were still in the White House so they would set you straight. They were wise enough to know that anyone who doesn’t support a troop funding bill wants our troops to fail. I knew that without the guidance of Bush and Cheney you would join the hate America first crowd!
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