FOR IMMEDIATE RELEASE                                                                                CONTACT: Joshua Gillespie
November 30, 2011                                                                                                        (317)848-0201

Rep. Burton Slams “Reckless” Bailout of Europe by Federal Reserve

WASHINGTON, D.C. - Rep. Dan Burton (R-IN-05) issued the following statement in response to the Federal Reserve's decision to extend cheap loans to European banks:

"Three days ago the President of the United States said that U.S. taxpayers should not bear the burden of helping stabilize Europe’s economy.  Today, the President changed his mind.  We should be under no illusion about today's action by the Federal Reserve.  The Federal Reserve's decision to allow European banks to borrow American dollars cheaply, combined with the Administration’s action earlier in the week to double the United States financial contribution to the International Monetary fund is nothing more or less than a U.S. taxpayer bailout of Europe.

“Although the world's stock markets may applaud this action, in the long-term, this boondoggle will only serve to further devalue our currency, increase inflation pressures, worsen our ability to rebound from the likely failure of the Euro, and make it that much harder to solve America's own crushing financial problems.  Europe, like America, does not have a revenue problem it has a spending problem; and throwing American taxpayer money at the problem is not the solution for Europe's ills anymore than the President's ill-fated Stimulus plan was a solution to America's ills.”   

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