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Strategies & Market Trends : Buy and Sell Signals, and Other Market Perspectives

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To: GROUND ZERO™ who wrote (3728)	5/9/2010 7:49:50 PM
From: fred woodall	Read Replies (1) of 220891

I can only guess where the first $108B will come from. Obama’s $108 billion IMF bailout scheme By Michelle Malkin • May 13, 2009 02:38 PM Congressional leaders agreed Tuesday to calculate the cost of a new U.S. contribution to the International Monetary Fund in a relatively inexpensive way, paving the way for possible Congressional approval within weeks. The Obama administration has pledged a $108 billion contribution to the IMF, as part of a $500 billion global boost to IMF resources. The White House has argued that this is a necessary contribution to global financial stability and would send a signal that there is enough money to help prevent struggling countries from becoming further enmeshed in economic crises. Congressional approval would put pressure on European nations, China, Brazil and others to increase their lending to the IMF. But the U.S. contribution became entangled in arcane — though politically important — budget math. The White House had argued that the action shouldn’t be characterized as a $108 billion expenditure, which would make it difficult to sell at a time when Congress has recently passed a series of multibillion-dollar spending bills. The U.S. wouldn’t provide a lump sum, but would essentially make a line of credit available to the IMF, which the fund could draw on when it needed to make loans to other countries. In theory, the U.S. would hope to get the money back. So the White House argued that the budgetary impact should be calculated at zero.

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