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DEL.ICIO.USOne more time: Gingrich says fight over president’s Wall Street package will be ‘much bigger than he expected’
The Atlanta Journal-Constitution
Newt Gingrich, the former Georgia congressman, has again put himself out front as an opponent of the $700 billion bail-out of Wall Street proposed by President Bush.
On Saturday, it was in the Washington Post. Now, this is in a just-posted New York Times piece:
But Mr. Bush may find that members of his own party are among the holdouts. Some conservative Republicans criticized the plan, raising the stakes for Treasury Secretary Henry M. Paulson Jr., who has been trying to persuade lawmakers and an increasingly frustrated American public that the rescue package was needed.
Newt Gingrich, the former House speaker, said he expected Republican lawmakers to oppose the plan in increasing numbers. “I think this is going to be a much bigger fight than he expected,” Mr. Gingrich said, referring to President Bush, who called again for swift action on Monday morning. “I think this bill is a long way from done,” Mr. Gingrich added.
Here’s the question: Gingrich was spot on when he identified this spring’s rising gasoline prices as an entry point for a pro-consumer, GOP comeback. “Drill here, drill now,” etc.
But regardless of the point of free-market principle involved, would it be smart for Republicans to align themselves against a raft of consumer/voters who see their pensions and 401(k)s at risk?
Just asking.
Photo credit: Associated Press
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Comments
By total crock
September 22, 2008 9:05 PM | Link to this
let the market work itself out, quit bailing out bad business, and please quit sending my credit card call center to India.
By RJ
September 22, 2008 9:20 PM | Link to this
Another bailout of Wallstreet! What about a bailout for the people loosing their homes?
We need to put a person in the White House who will help us live better – These last seven years of Republican conservatism have done nothing but assisted us to do bad.
By Will Jones
September 22, 2008 10:43 PM | Link to this
Valuation of money as a medium of exchange, like share prices of common stock in a publicly traded enterprise, has an enormous psychological component.
Are trillions more “dollars” going to be printed for whatever reason? Will the wads of papaer “fiat” money, backed by neither gold, nor silver, in a person’s mattress be pulled out in a year or two with half the purchasing power they had when they were hidden?
Does a company have a great new product? Patent? Growing market share? Or is the CEO a drunk and a wastrel heading for Federal prison.
In a free market many factors determine price, demand and supply…of everything. This is the genuine capitalism upon which America’s Founders’ ideals prospered Our Nation and the world over.
In an interview with Jim Lehrer in April 2000, George Bush showed his willingness to poison the Internet Revolution stock market:
GOV. GEORGE W. BUSH: You know, let me say, just to respond to that poll first, I readily concede if this country wants four more years of Clinton-Gore, I’ve got a tough battle, there’s no question about that. Here’s the difference - or here’s what they’ll see under a Bush administration: One, a strong economy.
JIM LEHRER: Stronger than the one we have now?
GOV. GEORGE W. BUSH: Well, it can be - you know, the one we have now has got a little - slightly rocky looking future to it, only because the stock market’s got a lot of jitters.[Emphasis added: This is when the U.S. stock market was only five percent off its all-time HIGH]
JIM LEHRER: Does that bother you, the stock market problems?
BushGOV. GEORGE W. BUSH: Yeah, it does. I would hope - I mean, I’m not going “hooray.” I wish it wasn’t as jittery. I wish it was stable because I’m not - I’m not so crass as to want to be the president at the expense of somebody’s portfolio, but that does trouble me a little bit because I think - and I think - I think there’s some uncertainty out there that’s beginning to kind of creep into the conscious of investors.[Emphasis added: Big Oil, run by the Rockefellers and their Bushfronts for over five generations, similarly tanked the Tesla/Edison Electric Revolution, in which oil money was not invested, and bought up the shares crashed by lies to expand their power and to break Tesla and Edison]
And so many people now have their assets tied up in the market it could affect in a longer term the economy, and that’s why I think it’s so important to share some of the surplus with the people who pay the bills as an insurance policy for economic growth.
I’m a fierce free trader, Jim, and I wouldn’t have - I wouldn’t have - I would have had a better strategy in dealing with the GATT discussions in Seattle in the current administration, because I think it’s important for us to free trade as a nation; I’m a tort reformer; I believe we can have a balanced civil justice system and that encourages capital growth and expansion of the entrepreneurial class.
How many of America’s Middle Class who invested in the legitimate economic revolution of “The Internet” in the 1990’s had much more than the value of a home mortgage wipe completely out of their portfolio?
Trillions of dollars of value were stolen by the contrivance of the Bush faction’s Wall Street elite to pound Internet stocks which history shows were perfectly legitimate and whose virtue has been proven ever since?
Now that same Wall Street elite, which raised no “Hue and Cry” when Bush/Cheney committed 9/11 in their midst…as they could hear the controlled demolition of the WTC towers…should be bailed out of bad investments so they can remain part of the Power Elite which had no qualms about tanking the Middle Class’s 401K’s and newly found Internet wealth?
I think not. Free markets are required by any people who would be free.
Socialism for the rich, preventing their quick return to the ranks of the Middle Class or Working Poor, is de facto fascism and should not be tolerated by any who might ever wish to be considered an American of integrity.
Who is too big to fail in America?
Our Military stands at the ready, though overstretched like the Dollar by Bush’s false war.
Our People are the best of all nations of the world flowing into this greatest of all Nations.
Let the markets adjust for the errors of those who trusted in incompetence.
There were no riots in the street when trillions of dollars of value were stolen by the Bush faction’s manipulation and destruction of the Internet stock market and their subsequent off-shoring of our internet jobs to profit from third-world slave labor.
Shoud we fear riots by broker and agents of the financial elite forced to find honest jobs with the rest of us?
For their world is shaped, at heart, by the Federal Reserve Bank, and the policies promulgated by bought and paid for politicians in Washington.
The Fed is unconstitutional and the financial “players’ who crashed on Wall Street recently were “hoist on their own petards” which have been paying themselves royal bonuses and sneering at the commoners of the Land who only work for wages or a living.
America is a Nation of Laws and Principles or we are nothing.
No bailout for those ripped off, like Edison and Tesla, when the Wall Street Bushites and Rockefeller Big Oil bought him the presidency and destroyed the savings and sound investments of millions of good and decent Americans…No bailout for the Wall Street nabobs making money off only money…and unconstitutional money at that.
Remember: the proposal from the Bush White House will financed by printing new dollars…through inflation.
That inflation, unless you’re being paid on the gov’t dime, military, civil service, with COLA’s, gov’t contractors…or in a local economy heavily subsidized by the government, not only will your purchasing power decrease as a function of the expanded money supply, the prices we have to pay…at the pump, the grocery store, and everywhere else…will be going up to compensate for the debasement of our currency…
TO KEEP RICH PEOPLE RICH!
Welfare for the rich is fascism. Do not let it happen. Our Sacred Rights are eroded. Obama is only a small step in a better direction. The People must better understand the Whig ideals upon which America was founded and learn to recognize the many-pronged assault the force from which we escaped in 1776 has marshalled against Our Liberty and Our Republic.
No bailout. Let the chips fall where they may…and keep out borders, national currency, and military strong.
http://www.theamericanfundament.blogspot.com
By N YO FACE
September 24, 2008 4:43 PM | Link to this
Newt’s bail-out plan was leaving his wife on her death bed.