Rep. Issa: What’s the Plan if the Eurozone Collapses?
- Posted on March 21, 2012 at 6:40pm by
Becket Adams
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Rep. Darrell Issa (R-CA), Chairman of the House Oversight and Government Reform Committee, went on CNBC’s Squawk Box on Wednesday to discuss the committee‘s hearing on Europe’s sovereign debt crisis with Secretary of Treasury Tim Geithner and Chairman of the Board of Governors of the Federal Reserve Ben Bernanke.
“Will economic growth in Europe overcome the increase in sovereign debt in a number of nations, not just Greece?” Rep. Issa asked, kicking off the interview.
“The Fed chairman seems to be a little more optimistic, obviously, about what’s happening over in Europe,” the CNBC host said. “Is today’s hearing going to be more of a conversation about that or is it going to morph into something more confrontational about Fed policy?”
“Well, certainly we want to limit it and we think it will be primarily about the whole question of whether or not (post-2008 and 2009) his confidence in credit default swaps, his theory that only one domino or two dominoes will fall, is accurate. As I’m sure you very well know, if the dominoes starting with Greece going through the PIIGS [Portugal, Italy, Ireland, Greece, and Spain] keep falling, there are scenarios in which we could end up with France and Greece and beyond,” Rep. Issa responded.
Watch Rep. Issa make his case via CNBC:
Rep. Issa was then asked a hypothetical question about whether, if things got “really, really bad,” Republicans would support a motion to provide the International Monetary Fund with additional cash.
“Well, as you know, I led the charge against TARP [Troubled Assets Relief Program]. I felt there were other ways in the U.S. to deal with it. One of the reasons this hearing is important is I want to have our leaders, and responsible leaders, give us alternate scenarios to that now, rather than coming to us in desperation, saying (as they did with TARP) ‘the world is ending, the sky is falling, we need this money,’ which ultimately got misused as political walking around money in many cases,” Rep. Issa responded.
The California Representative reaffirmed his position, saying “just as they don’t intend to come and ask, I don’t intend to offer or to say ‘yes.’”
Switching gears a little, the CNBC host asked Rep. Issa how he would grade Bernanke’s and Geithner’s handling of the U.S. economy.
“I would give them both F’s for the first year, or year and a half. I’d give them C+’s or B’s for the intervening period,” Rep. Issa, “Thumbs down the first two years, a cautious thumbs up the last year.”
The CNBC hosts thought Rep. Issa’s grades were a little “harsh.”
“We can agree to disagree,” the Congressman said, “If you’re going to need money, you come to Congress, you get an appropriations. But then you use it for the way that you said you were going to. In the case of TARP, very clearly, they did not use it the way they said they were going to.”
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Comments (56)
KevINtampa
Posted on March 22, 2012 at 12:58amEveryone seems to be missing a very valid and critical point.
Instead of waiting for the crisis, and being deliberately captured into a panic mode, and the government saying, “We must do it this way, and do it now. There’s no time for debate we must act right away.” Shouldn’t we be having that debate RIGHT NOW?
Here we are, in the middle of an election year, and we are not discussing this in the political discourse. This way everyone can act like they were caught with their pants down and do what ever they want.
Think about it. They say the 2008 collapse was not for seen, yet, they had a stimulus bill that was THOUSANDS of pages long within just a few months. That bill took well over a year to draft. But the American people were caught off guard, so the political elite had there way with us.
President Obama, I demand that we discuss what your precise actions will be should the Eurozone collapse into crisis mode. We must discuss and debate this elephant in room so that if it should happen the people can know they had a voice in the direction we take if, or rather when, that time comes. Let me be clear, Mr. President, I want you to lead this discussion.
Also, President Obama, I want to discuss the plan of what we will do should gas prices continue to rise. What is your solution? I want to know what your thinking is now so we can have a debate now instead of when everyone is in panic mode and you tell us there’s no time for debate.
Report Post »Tolkayn
Posted on March 22, 2012 at 1:49amIt is our very dependance on fossil fuels and the monetary system, that you so strongly advocate for, that has put us in this situation. and if you think this is the only issue tied into this then you are very misinformed indeed! Review the data and then we can have a discussion. http://www.tromsite.com IT’s time to WAKE UP!
Report Post »KevINtampa
Posted on March 22, 2012 at 2:08am@TOLKAYN
Ah, yes. Our monetary system is not fiat. It’s backed by oil. Our collateral on foreign debt proves it. Where’s all our oil? National Parks. What’s the collateral on our debt? National Parks.
So yes, I agree with you whole heartily. We need to stop regulating our drilling and piping systems. Drill the hell out of Mother Earth, tell the Chinese our oil lands are no longer going to be left unused as the backing of our debt. If they want war over that, bring it.
This is the exact dialogue that needs to be had, thank you.
Now, will President Obama, Mitt Romney, John Boehner, Harry Reid, and our multitude of czars please tell us what their ideas are going to be when:
1. The Eurozone crumbles.
Report Post »2. Iran and Israel go toe to toe and we see events here as well.
3. Gas prices SOAR. Right now the prices are not soaring. I wish I could say they were, but if they are simply high because of the threat, think how they will soar when this is more than a threat and a reality.
Delores at CH WV
Posted on March 21, 2012 at 11:24pmSenator Inhofe and Congressman Issa seems to be very busy. I wish others in Congress would put a few hours in for their paychecks. I guess it would take a very large Jenie to get my wishes to come true. My message to Congress is: Do your job or just go home; either way you are getting paid because you are elitist!
Report Post »TurboCat
Posted on March 22, 2012 at 4:42amMr Issa is one of the few good politicians we have here in California. Mr Inhofe recently became a hero of mine for his brave stand against the tyranny of the gods of Global Warming. And there are some other good people in Congress now. Paul Ryan, also very brave. Allen West, Marco Rubio, Tim Scott, and a small list of others who I have been paying close attention to. “And that’s just the way it is!” -Ted Poe of Texas.
Report Post »glennrocks
Posted on March 21, 2012 at 10:54pmOr maybe someone will save us. Mitt Romney 2012.
Report Post »KevINtampa
Posted on March 22, 2012 at 1:14amI am a man and I don’t need a savior as I already have one.
All I demand is my independence. I demand that I am held accountable to myself, my family, and my local charity‘s and church’s that I deem worthy of my great generosity. I feel the people around me feel the same way, and I know we can make America better, we always have. Now, get off my back. Stop trying to protect and save me. I will be fine, we all will be fine with out your help.Stop regulating the liberty I can take. I am responsible, stopping assuming I am not. I said two years ago that if you kept this up I would only have to assume you were set to destroy it. Your time is up. It’s time the people take responsibility of the direction of this country back.
Who’s with me?
Report Post »Tolkayn
Posted on March 21, 2012 at 10:26pmAre we going to wait 8 months for an election, before anyone even looks at these issues?
Why are we looking to politicians, which are lawyers, with no technical knowledge or expertise for solutions to the highly technical problems that we now face?
Shouldn’t we be looking to our scientific community to be proposing solutions to these very real and urgent issues? Where are the scientific solutions being presented to address these issues? Why aren’t the mainstream media, left or right, informing us, the people, about this?
What is it that they are hiding from us? We all have the right to know what our options are to address these issues, don’t we?
Well, members of our scientific community have been working tirelessly to find solutions to address these very real issues that we all face and these solutions could be implemented tomorrow!
See the truth for yourself and make up your own mind. http://www.tromsite.com
What labels we give ourselves or we get from others are meaningless, it is the knowledge that we pass along to our fellow humans that is of ultimate importance! It’s time to WAKE UP!
Report Post »KevINtampa
Posted on March 22, 2012 at 1:01amLOL Looking to technology?
Listen, I love innovation, but appointing a bunch of scientists to wield political power is a bad idea. Technocracy leads to horrible things. Mussolini leaned on scientists for example.
Report Post »Tolkayn
Posted on March 22, 2012 at 1:44am@KevINtampa Please view the information before you start spewing worthless opinions about “what you think” and lets talk about “what you know to be true”.
Report Post »KevINtampa
Posted on March 22, 2012 at 1:37pmTolkayn, that site you link to tells me to: Erase my mind of everything I know, and replace it it with this other idea. No thanks.
The fact that they sponsor the Venus Project also tells me everything I need to know. Communes don’t work and never will. They have been tried since the dawn of time, and have failed miserably every time. Man is too flawed for such an idea, and that will unfortunately never change, no matter how efficiently I deconstruct my own current mental existence and replace it with whatever philosophy that website would like me to adopt. To be flawed is in the very nature of man; and technology and science will never change that.
That said, obviously science is a good thing, but only when it is wrapped in a very defined and moral construct, otherwise, it is as evil as an off the hook religion…or worse. These things I know, I don’t think.
Report Post »soybomb315
Posted on March 21, 2012 at 9:52pmits stories like these that make me miss napolitano’s freedom watch. where have you gone judge napolitano
Report Post »Lost Rebel
Posted on March 21, 2012 at 8:56pmIssa is one of the few standing up to this administration. He needs to stay in pursuit of “Fast and Furious” to the bitter end. Also, an investigation into Solyndra and the other energy companies that have gone belly-up must be done. Congress has become irrelevant with Obama’s prolific use of Executive Orders. He needs to investigate that over-reach of our Constitution!!!!
Report Post »Tree_Butcher
Posted on March 21, 2012 at 8:54pm“… But Europe is so far ahead of us, we need to be more like Europe!” is a common statement I hear from the kids at work… Forget investing in gold, buy more lead.
Report Post »Lost Rebel
Posted on March 21, 2012 at 8:52pmIssa is one of the few pitbulls in Congress. I pray he pursues “Fast and Furious” to the end. And he needs to open an investigation on Solyndra and the others that have folded. Also, Obama has made Congress irrelevant with his prolific use of Executive Orders. Issa needs to be in hot pursuit of the illegalities this administration is committing against our Constitution!!!!!!
Report Post »Redmanblackdog
Posted on March 21, 2012 at 8:14pmIf I am not mistaken, we cling to God and Guns.
In case of a civil war, I am glad I am on Gods side with my gun!
Report Post »Jezcruzen
Posted on March 21, 2012 at 7:47pm“The Plan” by these traitors is to immerse the US right into this Euro mess in order to advance their overall plan of crashing the US economy, creating chaos throughout the country, and implementing communism here.
Well, to you government snoopers out there, it ain’t going to be that easy.
Report Post »progressiveslayer
Posted on March 21, 2012 at 7:44pmAnswer global depression followed by civil war in several countries.
Report Post »SHOWMESTATEGUY
Posted on March 21, 2012 at 8:43pmI would say in most if not all countries. It not going to be pretty. Wonder where Pelosi, Obama and the other dem libs are going to try to ride it out?
Report Post »progressiveslayer
Posted on March 21, 2012 at 9:19pmWho knows but they all belong in jail,criminals the lot of them.
Report Post »americathebankrupt
Posted on March 22, 2012 at 12:38amThey are ALL going to the caymans.Leaving us all here to deal with it!
Report Post »lukerw
Posted on March 21, 2012 at 7:35pmAnswer: REVOLT!
Report Post »Snowleopard {gallery of cat folks}
Posted on March 21, 2012 at 7:29pmThis is the treasury/Obama plan in a nutshell:
Eurozone goes down.
Obama sends massive (multi trillion) funds to IMF and Euro governments
Obama orders buying of massive Eurozone debt
Eurozone collapses completely
American economy threatened due to deliberate action of Obama
He declares national emergency under new executive order…
Instant Dictatorship under martial law, no one can stop him from imposing communism.
Report Post »MCDAVE
Posted on March 21, 2012 at 8:48pmObama has been bailing Europe out through the fed reserve bank
Report Post »Snowleopard {gallery of cat folks}
Posted on March 21, 2012 at 10:09pm@McDave: My apologies thanks, my goof.
Report Post »macpappy
Posted on March 21, 2012 at 7:16pmOff topic,
Report Post »Coupe in China
http://webfarm.bloomberg.com/news/2012-03-21/chinese-coup-rumors-run-wild-online-then-disappear-adam-minter.html
broker0101
Posted on March 21, 2012 at 7:22pmOn your Topic: There is NO Coup in China. You are also an Alarmist Jackass. You, also, have learned from your Master well.
Report Post »Snowleopard {gallery of cat folks}
Posted on March 21, 2012 at 7:27pmCheck the Sydne Morning Herald “World: China” section. You will see the trend going back several weeks to this having happened.
Report Post »soybomb315
Posted on March 21, 2012 at 7:16pmeurope has been on the brink of collapse for about 2 years now. i only remember one debate where they asked the candidates about this – i think it was the CNBC debate. from what i remember, romney and cain basically gave the ‘too big to fail’ argument. i dont remmber about the other guys.
any candidate who wants to give europe money should be disqualified
Report Post »TRONINTHEMORNING
Posted on March 21, 2012 at 7:04pmYou know what? Just listen to some ‘show tunes’ and you’ll feel better. Listening to Levin right now and he‘s havin’ lots of fun…And conducting a very informative show all the while.
Report Post »PIGSWILLNEVERFLY
Posted on March 21, 2012 at 7:30pmIf you want to smile….check out il Volo website and enjoy these young Italian singers…They’re on tour now and everyone loves them….me too.
Report Post »Darmok and Jalad at Tanagra
Posted on March 21, 2012 at 8:14pmMy favorite musical, it always brings a smile to my face, The Producers…..Springtime for Hitler. And or course the musical number at the end of blazing saddles. Mel Brooks rocks.
Report Post »ChildofJesus
Posted on March 21, 2012 at 7:01pmReading the bible we know things are gonna get a whole lot worse so I’m not expecting things to end happily for us right now. Praying for a miracle is our only hope now.
Report Post »TRONINTHEMORNING
Posted on March 21, 2012 at 7:29pmGood news is ‘rapture’ comes before the big bad wolf starts blowin’ the house down. So, we either prevail for a time or God is taking believers out of this mess; and then the real ‘big bang’ is gonna follow. I believe the Bible is the complete inerrant word of God. So, Romans 8:28 works at present.
Report Post »soybomb315
Posted on March 21, 2012 at 9:51pmdepends if you buy into the post-trib or pre-trib theory…here we go again
Report Post »321481
Posted on March 21, 2012 at 10:19pmI am with you, things are going to get worse. I too am looking for the rapture, but I think we could go thru some very stressful times before it comes. It hurts to see our country go this way, I have seen the best our country has to offer in my life time, it is down hill from here.
Report Post »Micmac
Posted on March 21, 2012 at 7:01pmIf you really want to understand what this is all about you should have been following on sites like zerohedge.com, who provide indepth analysis. It’s heady, but informative, and may open your eyes a little more.
NoBama 2012
Report Post »marybethelizabeth
Posted on March 21, 2012 at 6:59pmRepresentative Issa should be worried about the pension checks being on time For your constituents.
Worrying about Europe instead of the wildfires will get hom a place in the unemployment line.,
Report Post »Mess23
Posted on March 21, 2012 at 6:53pmTo follow…
Report Post »Darmok and Jalad at Tanagra
Posted on March 21, 2012 at 6:52pmTHe plan involves yoga, inverting your head, and kissing something goodbye. Or, print more money, that always works. Too bad we couldn’t use BS for money, DC would be a money generator.
Report Post »jakartaman
Posted on March 21, 2012 at 6:51pmThe EuroZone WILL collapse.
Report Post »The question should be how much is the US government, the FEDeral Reserve and our Banking system leveraged in the EuroZone.
Unfortunately the answer is a whole lot – which means when Europe goes – we will not be far behind!!
Itsjusttim
Posted on March 21, 2012 at 7:05pmIt doesn’t matter, the collapse is going to span the world, because the entire world is captive in Babylon. Because you simple minded people think Babylon is just a nation, but Babylon is the Face of the earth.
Report Post »Itsjusttim
Posted on March 21, 2012 at 7:10pmPicture if you will, an imagination which runs wild, high thoughts in your mind, that’s the wilderness in the low-lands, and the highlands is the Mountain of Zion. And when you are extracted from your thought’s of God, and your imagination – that’s captive into Babylon.
Report Post »Itsjusttim
Posted on March 21, 2012 at 7:23pmAnd I bet you don’t know what the Wine-Press of wrath is either. The planet earth is the wine-press, and it becomes a wine-press to churn out all the undesirables. Basically the earth declares war on humans.
Report Post »Itsjusttim
Posted on March 21, 2012 at 6:51pmLet me tell you something Mr. Nobody who thinks he’s qualified to be in Washington. They are building cities in China where no one lives, and that spells a lot of trouble. Money is toast, and the whole darn world it going to be dragged down.
Report Post »Itsjusttim
Posted on March 21, 2012 at 6:54pmAnd then all your families are going to be thrown out on the streets where they belong.
Report Post »Itsjusttim
Posted on March 21, 2012 at 6:59pmAnd no one else seems to know the times in which we live because that one Antichrist has long since been gone. And the simple minded people think your little drones are the creatures from Revelation because they have very very simple minds, but the creatures from Revelation and people and the way they view themselves as kings. You’re in Judgement Mr. Thief.
Report Post »Mark0331
Posted on March 21, 2012 at 6:50pmThe scary thing is, Barry/Dems will continue down this road of Socialism even as the Eurozone implodes…they are really that dumb.
Report Post »TSUNAMI-22
Posted on March 21, 2012 at 7:01pmYour statement implies that Obama doesn‘t know what he’s doing.
He knows exactly what he’s doing. He‘s pissed that it’s taken too long.
Report Post »jamestoms
Posted on March 21, 2012 at 6:48pmHow do you give money when your broke…credit card…rubber check…when did we enter the Twilight Zone? Tell me are all of us actors in an episode of the Zone…pleeeeeeeease!!!!
Report Post »kickthecan
Posted on March 22, 2012 at 11:07am@jamestoms
Report Post »They, the Fed., literally just print money and give it to the IMF, who turn around and give it to the ECB who then dole it out to the regional banks and Govt. entities. They call it quantitative easing, and they have already issued QE 2 and 4 to bail out the Euro. These actions by our Federal Reserve are part of what is driving up the cost of everything, by devaluing the dollar, especially oil as it is traded internationally in American dollars.