Ohio House Democrat Dennis Kucinich lines up with Republican opposition to offering struggling European banks a life preserver, in a report in The Hill.
Kucinich is warning the Federal Reserve to not even consider bailing out the European banks. He points out while the Fed has come up with ways to help the banks in Europe, "They can't seem to figure out a way to help out the American people who are still suffering from the recession by creating jobs repairing our infrastructure."
"The Fed has found trillions and trillions of dollars for banks through TARP and Quantitative Episodes 1,2 and 3. Now they have figured out a way to bail out another set of banks-this time in Europe," adds Kucinich.
Kucinich spoke up after the Fed agreed Thursday to team up with the European Central Bank to lend funds to banks in the region. Under that plan, there would be the temporary trading of dollars for foreign currencies to help stem the tide of cash shortages.
Kucinich attacked the plan, saying it amounts to, "Throwing money down the bank hole." Last year, House Republicans strongly opposed any bailout and this year, Senate Republicans have asked the White House for a full explanation of any assistance plan.
The outspoken Kucinich says this month, he plans to again introduce a measure called the "National Emergency Employment Defense Act (NEED) that he says will deal with what he says is a failure on the part of the Federal Reserve to create jobs in America.
His plan would permit the federal government to fund education and infrastructure programs by putting money into circulation without causing the national debt to grow or result in inflation.
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