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News Link • Federal Reserve

Americans Have Been Bailing Out Foreign Banks for Years: Doing It Again

So not only are Americans bailing out our own too big to fail banks, but we're bailing out foreign mega-banks as well. Even though bailing out Europe might make sense if America was flush with cash, things are different now. As Congressmen Kucinich and Filner wrote last June: Our country and this body cannot afford to spend American tax payer dollars to bail out private European banks. In addition, the U.S. is - of course - also contributing tens of billions of dollars towards the Greek bailout through its contributions to the International Monetary Fund. Some allege that the U.S. will secretly help bailout of all of Europe. See this and this.

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