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DEL.ICIO.USGingrich: Bush doesn’t understand fiscal crisis, and treasury secretary should resign
The Atlanta Journal-Constitution
Former U.S. House speaker Newt Gingrich, whose criticism helped spark a GOP revolt against the bail-out of Wall Street proposed by the Bush Administration, predicted Saturday that House Republicans would reluctantly support legislation that permits the federal government to purchase and isolate the tainted mortgages at the root of the current credit crisis.
But Gingrich had harsh words for President Bush, who he said doesn’t understand the situation, and for Treasury Secretary Henry Paulson, who the former speaker said — for the first time — should resign.
The former Georgia congressman also demanded that the final version of be bill be posted on the Internet for 24 hours before Congress votes on the package.
“That will let you flush out the kind of hidden, secret deals that crop up, that the press finds two weeks after something’s been voted on,” he said.
In a solo interview during his American Solutions conference in Smyrna, Gingrich was asked whether House Republicans would bend on the basic issue of government intervention in the market.
Gingrich said:
“They may have to, in the end, tolerate some of this. Because in the end, you have the Democrats desperate for socialism now. You have an administration which, in my judgment, has lost its mind. That gives you two big elements. And you have Senate Republicans desperate to go along. I’m just being truly candid. Because I think the country ought to know what the pressures really are like.
“And you’ve got the House Republicans and John McCain prepared to stand on as much principle [as possible] — but in the end, I don’t think they’re going to be prepared to do nothing. Because they understand that next week, as long as the current situation….stays the way it is, you’re going to have a genuine credit crisis.”
In a discussion about the political impact of the House Republican revolt, Gingrich said history will view it as the moment that Republican presidential candidate John McCain took over the leadership of the national GOP from President Bush:
“I thought when John [McCain] came back, when he made the announcement he was coming back, you in effect had a transfer of leadership. Now, the president hasn’t conceded that.
“The president did a speech today, he did a speech Wednesday night, none of which I think are particularly helpful. Both because his standing now is so low, and because he’s so partisan and because I don’t think any serious person believes he understands this problem.
“Because it’s clear that Paulson and [White House chief of staff Joshua] Bolten, who are both Goldman Sachs alumni, have been giving him a very one-sided, Wall Street view of the world. I’m confident they never looked at eliminating ‘mark to market.’ And I’m confident they didn’t look at loaning rather than buying.”
“Mark to market” is an accounting measure that took effect last year, which forces companies to disclose information about the immediate market value of their assets. Gingrich says it has forced a “spiral” of devaluation; supporters of the practice say that it forces businesses to reveal poor investments, and is a mere scapegoat in the current debate.
Click here for a decent explanation of the topic from this week’s Washington Post.
One demand made by House Republicans has been a provision that gives the Treasury the power to issue government insurance for mortgage packages, as a way of reducing the upfront cost of the bail-out.
But Paulson, the Treasury secretary, has expressed little interest in this — leaving some to refer to the loan provision as window dressing needed for the sake of House Republican support.
Gingrich was not pleased by Paulson’s lack of enthusiasm:
“It’s a little bit like trying to get the car out of the ditch when the driver is determined to drive it into the swamp. I think Paulson is destructive. I think he ought to resign. I think this is bad for the country. I think his arrogance is unending. I think the fact that he’s saying publicly, ‘Well, you can give me that provision, I won’t ever use it,’ just tells you the bad faith that they have had at Treasury from Day One.
“But you end up in a reality. The reality is the current president, the current secretary of the treasury, the current liberal Democrats — and I think what you’re going to see is that a totally bad deal became marginally bad deal.
“But it’s probably impossible, without the president getting a new secretary of the treasury, to get to a good deal. Which I think’s just tragic, and bad for the country. We’re taking an immediate tummy ache, and we’re in danger of turning it into cancer.”
One year ago, Gingrich announced he would not enter the 2008 race for president.
But twice this year, the former U.S. House speaker has had a large hand in setting the terms of a national debate. This spring, it was the issue of high gasoline prices and off-shore drilling, which McCain and other Republicans have used to force concessions from Democrats.
Gingrich said he got involved in the bail-out issue after a trip to California:
“I was out in Silicon Valley Wednesday, Thursday and Friday, talking to people. It was clear to me that the entrepreneurial venture capitalists out there thought this whole thing was nuts. That Paulson made no sense to them. And I came and began work on Saturday on a series of things. I posted something on National Review Online and I sent it out to my hundred closest friends in Congress.”
Gingrich said he’s got no regrets about bowing out of a White House race. “You don’t have time to learn and think and put this stuff together if you’re the candidate,” he said.
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Comments
By Rich
September 27, 2008 3:19 PM | Link to this
I’m not clear why McCain and Gingrich are calling for these resignations. Is it just symbolic? Cox and Paulson will be out of office in three months either way.
I’m all for accountability, just not sure what positive difference firing them now would make.
By rick katz
September 27, 2008 3:28 PM | Link to this
gov. palin should withdraw for family reasons and mr. gingrich should replace her. that way, if the nation makes a mistake on nov. 4, at least a literate and sophisticated backup to mr. mccain will be available.
or the gop can just continue its idiocy.
By Hard Working Family Man
September 27, 2008 3:28 PM | Link to this
Why are we handing close to a TRILLION DOLLARS with little or no oversight to the crooks who either created this mess or allowed it to happen while looking the other way? Nobody in Washington is listening or thinking and we are helpless. My only option is to vote against anyone who is an incumbent and that includes the 21st century GOP version of Bob Dole for President; John McShame. God Save Us from both parties.
By granda
September 27, 2008 3:30 PM | Link to this
How disengenuous. AWOL for the last 8 years, now this lot pretends to be concerned? After tanking our economy, spending TRILLIONS on an ideological war, trillions of money looted from taxpayers (only the little people in Republican policy should pay taxes) to fund a FAILED trickle down ideology (to get our economic landscape to look more like Mexico or Brazil where you have a tiny percentage of hugely rich people who have enslaved their entire populations in poverty). Now they are on OUR side? BS. They support a feudal system, it is CLEAR. Get a life NEWT or go and have another affair or whatever it is you immoral right wing hypocrits do these days.
By granda
September 27, 2008 3:33 PM | Link to this
How disengenuous. AWOL for the last 8 years, now this lot pretends to be concerned? After tanking our economy, spending TRILLIONS on an ideological war, trillions of money looted from taxpayers (only the little people in Republican policy should pay taxes) to fund a FAILED trickle down ideology (to get our economic landscape to look more like Mexico or Brazil where you have a tiny percentage of hugely rich people who have enslaved their entire populations in poverty). Now they are on OUR side? BS. They support a feudal system, it is CLEAR. Get a life NEWT or go and have another affair or whatever it is you immoral right wing hypocrits do these days.
By Common Sense
September 27, 2008 3:40 PM | Link to this
He did not run because he cannot stay married. No values!
He presided over the senator as the majority leader and was part of deregulation!
Face it he is a windbag! Now he knows about the financial situation.
By NoMoreLies
September 27, 2008 3:52 PM | Link to this
Wouldn’t it be nice if these backseat driver blowhards like Newt actually brought something of value to the table. Instead, all he does is rant and moan and whine and complain. He’s a loser and everyone knows it apparently except him. Go fight another virtual civil war battle, Newt. Maybe you’ll actually win one eventually. By the way, have you come out in support of Barr or any other third party candidate, Newt.
By Jeffisgreatatgoofingoff
September 27, 2008 3:55 PM | Link to this
I think its time for a national Federal government lottery (which I beleived to have heard on Boortz’s show a couple of years ago) to pay for all of this.
By Chris
September 27, 2008 3:58 PM | Link to this
Newt is correct. Paulson is a clear and present danger to the republic, as his allegiances lie with Wall Street and not the taxpayers and the U.S. Constitution, which he presumably swore under oath to support.
Paulson is essentially the head of a criminal gang hellbent on looting the U.S. Treasury, bankrupting future generations, in order to allow his cronies to take some bad bets off their books and dump them on us.
If you aren’t in the streets protesting this today, don’t complain when you and your children are standing in a soup line in about 3 - 6 months.
By chuck
September 27, 2008 4:02 PM | Link to this
Newt Gingrich is all talk and no action….. blah blah blah. Newt and his croonies sure are doing a great job at running this country in the ground. im sure if mr gingrich was still in office he would be right along with other gop’s blaming the democrates. what a hypocrite please go away newt and please shut up and stop misrepresenting georgia
By Dennis
September 27, 2008 4:10 PM | Link to this
I’m not a Gingrich fan, but the idea of the Federal government making loans to these corrupt corporations makes sense provided the terms are beneficial to the American taxpayer.
And the terms should be just as tough on the corporations as terms are tough on homeowner defaults - pay it or lose it and as fast as possible.
There is a lot of truth in the statement that those who want to simply bail out these failing institutions with taxpayer money want to privatize their gains and socialize their losses.
You don’t have to be a blind conservative not to see it, just an ignorant one to deny it.
By Ned
September 27, 2008 4:17 PM | Link to this
What makes it difficult for Paulson, Bush and Congressional Leadership is that this happened on their watch. There’s little faith that the drunk driver will ever drive sober again. Bernanke seems to have disappeared since Wednesday. Is he bailing on the White House and the Blank Bailout Check Writers?
By jwatl
September 27, 2008 4:20 PM | Link to this
Totally amazed that more of a spotlight has not been placed on the genesis of the meltdown: terminating the Glass-Steagall Act of 1933 in 1999 (opening the door to integrating banking, insurance and stock trading); the encouragement of lose credit as part of public policy; the unheard calls by the democrats in 2001, 2002, 2003, and 2005 for greater regulation over Fannie Mae and Freddie Mac; unethical accounting practices by CEOs of the latter organizations (including Franklin Raines and Jim Johnson); and why the MEDIA HAS BEEN MUM on relationships between the latter two with Chris Dodd and Barack Obama. The US Congress is squarely in the middle of this mess, and now they want the taxpayers to bail out their personal acts of greed!! WOE BE UNTO THOSE MEMBERS WHO VOTE FOR THIS FAT HOG!!
By Nonie
September 27, 2008 4:30 PM | Link to this
Newt is the last person you want for financial advice. When he was speaker of the house he shut the government down for his radical agenda. He and his buddy Phil Gramm, the no regulation guy are just rabble rousers. Even his own party couldn’t stand him. They threw him out.
By Bonedaddy
September 27, 2008 4:30 PM | Link to this
Sorry, but you dems trashed this economy in 2 short years. Losers.
By NoMoreLies
September 27, 2008 4:31 PM | Link to this
The idea that these stupid Republicans and Newt can come out against their leader’s plan and offer up an insurance policy as a better solution is pathetic. These idiots held up the hard work of all these other people at the last minute in order to do their pandering and then when they had a chance to introduce something of value, all they could do is say we want tax cuts and we want that tax payer bailout to be called insurance. That will make it all gooder and we helped. duhhhhhhhhhh.
Bunch of pandering Republican losers and their newly found leader, Newt.
By Nonie
September 27, 2008 4:33 PM | Link to this
Newt is the last person you want for financial advice. When he was speaker of the house he shut the government down for his radical agenda. He and his buddy Phil Gramm, the no regulation guy are just rabble rousers. Even his own party couldn’t stand him. They threw him out.
By Gary
September 27, 2008 4:42 PM | Link to this
Newt, please return to the hole you retreated to when your actions exposed you for the snake that you truly are.
By Gary
September 27, 2008 4:46 PM | Link to this
Newt, please return to the hole you retreated to when your actions exposed you for the snake that you truly are.
By Margurite
September 27, 2008 4:52 PM | Link to this
Yes Newt my voice has not been stilled. I supported Newt Gingrich financially (significantly) and in every other way possible. While certainly what he states sounds good to those of us who are conservatives, I think it is rather clear that it is Newt—not Paulson or Bush—who doesn’t understand the issue. We are a matter of days away from having no liquidity in this country. Newt’s antics have slowed down getting liquidity freed up. I usually put up with these stunts because I like so much of what he fought for in 1994. But really, for a man who wasted over $2million of his own donor’s money (and I’m one of them—embarrassed to admit) this past year flying in private jets and who has a new book out every month, I think we all see this for what it is…Newt had better pray the system doesn’t crash before cooler heads can pass a bill or he will be in the same pickle we found ourselves in during the government shutdown. That equation was simple: 33% who love Newt supported it and the whole rest of the nation ended up despising us and our party. I still like you Newt, but you are playing with fire and sound really arrogant.
By Critical Thinking
September 27, 2008 4:55 PM | Link to this
I don’t think McCain added any value to the talks. I think the House repubs resisting this bill already identified their stance but are willing to give him credit for the benefit of the party.
I do not agree with Newt re: many things but I do agree that congress should post the plan for te general public to view for 24-48 hours before taking a vote.
See, like Obama, I am able to give credit where credit is due. :-)
Some of you may not like Newt, but despite what his motive may be, I think it makes sense to keep the public informed. To keep them in the dark does nothing but foster more resentment.
(I’m agreeing with Newt - I think snow is about to fall).
By Felix
September 27, 2008 4:58 PM | Link to this
Folks, we aren’t putting up a dime on this deal. It’s just going on the $10 trillion tab that will cause the debt to have doubled under Bush’s “leadership.” There are many entities to blame for the mess however, and it has to be cleaned up ASAP so we (families, corporations and governments) can continue to borrow and spend. The alternative is a long and painful recession. The treasury will be acquiring assets and over time will recoup some, if not all, of its (our?)investment. Hopefully Obama will be able to appoint a competent administration and get us back on the right fiscal path. The quality of his advisors give me hope. We’re going to have to bite the bullet and start living within our means. It will be painful for a while for many, but in the end worth the sacrifice. Where was Newt in Y2K and 2004 when he could have challenged (even with his baggage) the impostor and possibly saved us from the resulting carnage? And why weren’t his remarks last year that Bush wasn’t qualified to be CinC and had been a disaster given the same attention by the media as these have?
By Timu
September 27, 2008 4:58 PM | Link to this
Just like Newt to stand on the sidelines and hurl grenades into the middle of things. The way I see it if you’re not part of the solution then you’re part of the problem and Newt seems to be more comfortable with fueling fires than fixing things.
By Jim
September 27, 2008 5:07 PM | Link to this
According to the “bail out” language 20% of the 700 Billion is to go to Acorn and other fraudulent community groups. I hope the conservatives in congress continue to oppose this effort. Acorn should get nothing from this bail out. Period!
Look up Acorn and their illegal activities. Obama used to work for Acorn, by the way.
By Mk
September 27, 2008 5:24 PM | Link to this
Skip the Treasury Secretary, the President should resign.
By rufus
September 27, 2008 5:29 PM | Link to this
You stupid dems caused this problem. And you will probably elect that mac daddy osama in Nov.
By Timu
September 27, 2008 5:32 PM | Link to this
Just like Newt to stand on the sidelines and hurl grenades into the middle of things. The way I see it if you’re not part of the solution then you’re part of the problem and Newt seems to be more comfortable with fueling fires than fixing things.
By Critical Thinking
September 27, 2008 5:33 PM | Link to this
Bone Daddy - don’t be so simple - this stuff did not and could not have just started 2 years ago. Plus - let’s remember how gov’t works - the senate and house can present bills but THE PREZ TILL HAS THE RIGHT TO VETO.
BTW, McCain has decided NOT to go to the capitol today. Hmmmm…I wonder why? Has he lost sight of his priorities? Is he not doing the job he was elected to do?
Lastly, I agree with Newt - publish the plan for pubic viewing before casting votes. Don’t keep the public in the dark and encourage more resentment.
By Timu
September 27, 2008 5:34 PM | Link to this
Yep. The dems caused this problem with all their talk of “deregulation”……..Oh wait. That was the republicans!!!!
By Vic
September 27, 2008 5:36 PM | Link to this
Hooray for Newt!
I like Newt … whether or not you agree with him, he speaks clearly and makes sense (at least to me).
I hope he plays a prominent role in the McCain administration.
By Karen
September 27, 2008 5:40 PM | Link to this
McCain has 83 Wall Street lobbyists in on his campaign. Please spare us his well-timed righteous indignation over the plan, when he has clearly been in bed with Big Business all along.
By Lisa
September 27, 2008 5:47 PM | Link to this
Wow! You libs sure never let facts get in the way. Looks like we’re doomed to continue to repeat our mistakes when you can’t even admit how we really got here. I’m sure y’all are just fine with ACORN getting their piece of the boondoggle pie! Amazing.
By Bush is a fraud
September 27, 2008 5:56 PM | Link to this
So now even well-known Republicans are bashing Bush. So do you 20% or so that still think this guy was the second coming of Christ the past 8 years going to remain blind and stupid?
By Bush is a fraud
September 27, 2008 5:59 PM | Link to this
So now even well-known Republicans are bashing Bush. So do you 20% or so that still think this guy was the second coming of Christ the past 8 years going to remain blind and stupid?
By Lamar66
September 27, 2008 6:23 PM | Link to this
Oh, please, Newt. As usual, here he is throwing up his sudden concern for our financial mess. As usual, he and his hypocrite Republican cronies always find a way to blame the Democrats for everything. Now, he throws his own party leader (Bush) and Treasury Secretary (Paulsen) under the bus when there’s plenty of blame to go around. If he had spent more time fixing things when he WAS in Congress, instead of blaming Democrats, padding the pockets of the lobbyists, and oh yes, shutting down the government because he couldn’t get his radical agenda passed, then maybe we would not be where we are now. This bailout is squarely the fault of this current administration; there were plenty of opportunities to fix this during the last several years. While I very much have never been a supporter of President Bush, at least he is trying to come up with a plan to rescue our economy from disaster. I just need to know before I’m really convinced about this plan if these wealthy billionare CEO’s are going to be held accountable after this bailout. One thing I actually do agree with Newt on is that the American people should take a look at the plan before Congress votes on it to let the citizens see what the plan entails.
By CB
September 27, 2008 6:37 PM | Link to this
In this day of information at our fingertips, why ISN’T the text of bill - as they move through the process - online?
Seems like the actual text available to citizens would make evaluating the pros and cons of any bill, not just this one, easier.
By Anna Keppa
September 27, 2008 6:49 PM | Link to this
Funny how the moonbats blamed Bush for 9/11, when he had only been in office 8 months, yet they seek to absolve the Dems, who have been in charge of making the laws for the past two years, and have **rejected” attempted Fannie/Freddie reforms proposed by the White House and…John McCain.
Funnier still how Bill Clinton was on TV the other day “The View”?), saying that he, the GOP AND the Bush WH had attempted reforms of Freddie/Fannie, but were blocked by…the Dems.
By jethro
September 27, 2008 6:59 PM | Link to this
Newt will not be on the ticket since he had the scandal with his wife. This is the problem with Republicans, I would rather have had Mitt Romey but because of his religious beliefs, he was not put on the ticket. Palin will do fine
By Nickel Street
September 27, 2008 7:02 PM | Link to this
The Republicans had control of all three branches of the Federal Government from 2002-2006, the time before that was prior to the great depression, you do the math.
By jethro
September 27, 2008 7:06 PM | Link to this
Newt will not be on the ticket since he had the scandal with his wife. This is the problem with Republicans, I would rather have had Mitt Romey but because of his religious beliefs, he was not put on the ticket. Palin will do fine
By Will Jones
September 27, 2008 7:10 PM | Link to this
Unless you need to wait for the Bailout to have any money, “Anna Keppa,” pick up a copy of Emeritus Professor David Ray Griffin’s “The New Pearl Harbor,” and read it yourself.
Bush did do 9/11. This fact is incontrovertible.
Those in denial also blind themselves to the fact, proven by two FBI memos and the judgment of a Fed.Dist.Ct Jury (‘Hunt v. Liberty Lobby,’ 1985) that George H.W. Bush was involved in the Knight of Malta-led, Roman Catholic CIA’s assassination of John Kennedy six weeks after he, trying to prevent the succeeding 58,000 lives lost, ordered our military withdrawal from Vietnam (NSAM263).
Those who deny it are fascists and traitors: conscious or unconscious tools of the Roman Anti-Christ’s Rockefeller Fifth Column…which just stole WaMu (Viz. JPMChase is the Rockefeller’s family bank)…and are looking for a big chunk of another $700B.
By Barry
September 27, 2008 7:21 PM | Link to this
The shame of all this is our government. We don’t need a bailout of Wall Street. We need a bailout of our legislative and executive branches. It is time to reform our system…we need a reformation revolution.
The party system is dead. We need to start choosing our president like we do CEO’s. Let’s see their resume, their experience, and their systems for government BEFORE we elect them. I don’t want to hear platitudes…give us a plan for running government before you are elected.
Congress is going to mess our economy up. We need to vote them out!
By Rob
September 27, 2008 7:40 PM | Link to this
I thought I was alon in calling for Mr. Paulson’s resignation. Good lord what an egoist. There are plenty of ideas out there, the most important of which is coming to grips with the size of the problem. This is, at the very least, a $5t problem. We simply cannot print our way out of that without debauching the dollar. These could leave to grave consequences from the foreign entitiies holding slightly over half of our current national debt. With inlfation-as-debt-repudiation off the table we have left only massive global intervention. At least with respect to maintaining the current system.
If we choose to chuck the current system, a-la Schiff then we get a (probably) fairly short depression which will spread across the world. Then we get a better system in which we have more realistic understanding of risk and expected returns.
To be really frank, either way we will see those with vast reserves of hard currency holding sway in the world for the immediate future. Taiwan should be very nervous as should be many borering states of the old Soviet empire.
By Rogie
September 27, 2008 8:00 PM | Link to this
I’m always amazed how politicians take a kernel of truth and spin it into something else. What a beautiful setup —- the poor House Republicans revolt to demand transparency and to stand up for the little guy. It’s Mr Bush, Mr Paulson, and the “liberal” democrats who are to blame…..I have no faith that this “solution” is a good idea but I don’t think the Republicans have a better idea either. This sounds like a setup so that if (when) things tank, the House Republicans and Mr. Gingrich can champion the idea that “we were always for the little guy —- don’t blame us” position. Now, let’s see….the Republicans and Mr. Bush have been in power for the last 8 years and pretty much railroaded their own agenda through legislation for the first 6. Mr. Paulson is a choice of Mr. Bush in his cabinet. I believe that the House Republicans and Mr. Bush bear responsibility for allowing this all to happen on their watch. Sorry Newt, not everyone has a short memory….
By Rob
September 27, 2008 8:19 PM | Link to this
The bailout deal makes no sense to me. How can you give 700 billion dollars to lending agencies and wealthy wall street brokers and hope that it trickles down to the middle class? This is a form of socialism and I thought we lived in a capitalistic society. I was always told that if I spent all of my money and fell behind on my bills that if I took money from the government that it was welfare. Conservatives are supposed to be for less government, but how is that so if we increase the size of government by getting into the banking/mortgage industry. If people are against welfare for the poor, they should also be against welfare for the rich. Finally, I hope that people remember who passes this bailout and vote the senators and representatives out of office.
By Mike
September 27, 2008 8:34 PM | Link to this
Unfortunately, I have not read one post on this thread from anyone who appears to have any idea what will happen to “the average person” if this is not resolved this week.
Other than trashing Paulson & Congress, no one has offered one alternative suggestion as to get out of this mess. I’m a Republican, but I’ll tell you this “insurance” idea floated by the house GOP is silly. It doesn’t unfreeze the credit markets.
Normally, Newt has a reasonable and preferred solution to most situations. In this case, it’s the college history professor who has no idea what he is talking about.
The only thing we should be negotiating right now is what happens when the assets are sold and the money is paid back. Do they retire debt or does it go into Nancy Pelosi’s checkbook?
By Wyld Byll Hyltnyrw
September 27, 2008 8:37 PM | Link to this
My career experience includes employment in an investment bank that included work with the securitizations group, as a bank cfo, and at a GSE. My expeience make me uniquely qualified to comment on the current liquidity (not mortgage) crisis. Newt has got it wrong this time. He wants to do away with mark-to-market accounting and loan money to the effected firms. That’s what Japan did during its financial crisis and recovery started -
By Will Jones
September 27, 2008 8:52 PM | Link to this
America is no longer “capitalistic” in the free-market, “Adam Smith” sense of the word.
We have been successfully usurped, by assassination, intrigue, and conspiracy by Rome’s Fifth Column: the socio-economic historic entity identified by Thomas Jefferson as “the real Anti-Christ,” and are, with nothing “crypto” about it to any discerning citizen, a fascist state.
Download for free “Fiat Money Inflation in France,” by A.D.White, and read Vilfredo Pareto to understand how fascist states’ “elites” manipulate the masses and remove wealth through inflation and false war.
The same pseudo-aristoi planning to profit from the proposed “bailout” as those who have been proven to have committed 9/11 leave office, are merely the present visible agents of the same faction which built the Oil Monopoly on unredressed murder and arson after having assassinated President Lincoln, financed Hitler and the Holocaust from America’s Roman Catholic collection plate funds laundered through the Rockefeller family bank (which is now the “Iraqi State Bank” and Washington Mutual), and killed John and Martin for the difficulty they presented in the matter of Rome’s latifundial slave plantation of Indochina.
Fascism is upon us. Were Obama not acceptable to the ruling false-elite he’d have found a fate similar to JFK and MLK…and he is signing off on their debasement of our currency to benefit those yet profiting from and silent about Bush’s 9/11 treason.
But he is a small step in the right direction. He knows, or has a good idea about, what is going on…as does any American paying attention with an I.Q. over 115.
The Fed is the source of our financial/credit “House of Cards,” and is manifestly unconstitutional.
We must return to the prophetic wisdom, proven true through history, of Our Whig Founders, particularly Thomas Jefferson. Read his thoughts on money and banking. Clearly he was anointed by the Almighty to Author Our Naton. His truth is still from G-d, and if any who would be heir to the Founders wish to redeem Our Nation, now in crises, he or she could do no better than to adopt his principles and that of Our Creed: the Mottoes.
http://www.theamericanfundament.blogspot.com
By Pete
September 27, 2008 8:58 PM | Link to this
The Bailout ( Paulson TARP Paln) is robbery of the taxpayers . It is an act of Fascism , This is one of the very few times tha agreed with Mr. Gingrich .
By almein24
September 27, 2008 9:45 PM | Link to this
By Pete Socks
September 27, 2008 10:38 PM | Link to this
I think it is especially disgraceful how the Dems took the White House meeting to attempt to show Obama as presidential. Hummm.. hows it feel to know your 143 day Junior senator cannot even run a meeting???
By SLY
September 27, 2008 11:19 PM | Link to this
mccain and the house republicans are simply posturing because they all have to get elected in a few weeks, and there is no defense for what they have been a part of. mccain has already proven that he will put politics ahead of principle. and to hear newt try to blame “bush capitolism” with “democratic socialism” is laughable. talk about irrelevant.
By Fred
September 27, 2008 11:28 PM | Link to this
The ones who are clueless are those won’t take the time to look up the Community Reinvestment Act. Go see what Carter and Clinton did to the banking system by requiring them to make loans to people who otherwise would not have qualified.
Look at how Fannie Mae and Freddie Mac guaranteed loans that they could not guarantee.
Look at the “sweetheart” loans Obama and Chris Dodd received.
Look at the donations Obama has received in comparison to McCain from Fannie and Freddie.
Look at who has been involved with F and F and who they work with now.
Look at who sued banks who did not make enough subprime loans.
After you check out the facts then ask yourself who is really at fault.
By PJ
September 27, 2008 11:51 PM | Link to this
Notice that the ad hominem attacks on Newt NEVER address WHAT HE IS SAYING and WHETHER HE IS CORRECT OR NOT.
NEWT IS RIGHT.
Obama said “McCain is right” about 6 times in the debate friday, because McCain knows his stuff on global issues and IS right.
And on this issue, all you need to say is: NEWT IS RIGHT. Newt is right that Paulson over-reached. Newt is right that the Dems are stuffing this bill with stinky provision and we need the bill ONLINE BEFORE THE VOTE to get the truth. And Newt is right that Bush has just signed everything over to Paulson because Paulson is the expert, and that trust is mis-placed because Paulson the wall st guy has a wall st bailout.
We need to focus on the overall economy and not focus on bailouts for wall st, big 3 auto companies or other special concerns. We need pro-growth policies again, and govt intervention is NOT IT.
By PJ
September 28, 2008 12:15 AM | Link to this
Notice that the ad hominem attacks on Newt NEVER address WHAT HE IS SAYING and WHETHER HE IS CORRECT OR NOT.
NEWT IS RIGHT.
Obama said “McCain is right” about 6 times in the debate friday, because McCain knows his stuff on global issues and IS right.
And on this issue, all you need to say is: NEWT IS RIGHT. Newt is right that Paulson over-reached. Newt is right that the Dems are stuffing this bill with stinky provision and we need the bill ONLINE BEFORE THE VOTE to get the truth. And Newt is right that Bush has just signed everything over to Paulson because Paulson is the expert, and that trust is mis-placed because Paulson the wall st guy has a wall st bailout.
We need to focus on the overall economy and not focus on bailouts for wall st, big 3 auto companies or other special concerns. We need pro-growth policies again, and govt intervention is NOT IT.
By Angry TAX PAYer!!!
September 28, 2008 12:39 AM | Link to this
of course their going to pass this bill onto us the public. And there is nothing your going to do to prevent it. Trying call Saxby/Johnny or any of our “fine” reps. Your going to get a voice mail. Its the weekend…their staffers are off. Just ask how their going to pay for this…and can they do this w/o raising taxes, printing more money, or borrowing it from China.
This is nothing but a scare tactic just like the Patriot Act to make us believe we NEED GOVERNMENT. The truth is that most Americans dont save nor do they have a vested interest in WALL Street. Most of us are Small business owners working for ourselves.
These greedy b******* made money by selling and trading junk to the Public and made money each time they sold and bought on behalf of some trust/pension fund or unknowning investor group.
When they pass this bill as we know they will please help to throw these bums out….ie Obama, MCcain, Saxby and any other candiate whose on the hill at the time…
Please elect like minded people like RON Paul who have spoken out long before this “crisis” came about to put non major party candiates in office…people such and Allen Buckley!!!
This two party system has run its course and its time to throw these bums out…its time for a revolution.
For anyone to Say their a Republican or a Democrate then they are a traitor. Jefferson/Jackson/Adams would hang these current guys on Penn Ave as the should be.
Our Republic is now nothing more than a crumbling Empire. Our National debt wont be posted till late December. By then whats it matter Bush II is out.
We continue to prop Isreal and sell arms to Arabic states that wish to destroy it and us as well. We Borrow from China to pay for a War in Iraq. We have 50,000 troops protecting S. Korea yet leave our Southern Border unprotected.
We continue to borrow and print monies allow our curracy to go south. Prices havent gone up our dollar is worth less. China/India havent used enough oil to raise prices. The war in Iraq caused a decrease in oil production by 20-25%.
So sure give into the the Government. Just try to recall the last time Government had a successfull program and made money.
Otherwise I say Government has three duties:
Angry Overtaxed Small Business Owner!!!!
By Bob
September 28, 2008 1:33 AM | Link to this
It’s a FINANCIAL crisis and that’s not the same thing as a FISCAL crisis. FISCAL means budgetary. I hope the headline is just a careless error, and not an indication that AJC staffers don’t understand the difference between FINANCIAL and FISCAL? Both words start with “FI” and end with “AL” and they’re both related to money, but they’re NOT synonyms. The current financial crisis isn’t a FISCAL crisis. (Though it may cause budgetary problems, later.)
By surfrider
September 28, 2008 2:54 AM | Link to this
I wish more remember the country’s situation between Watergate and 1980 when Reagan won the election. The Dow Jones did’nt go anywhere but up and down for 16 years from 1966 till 1982. Finally in 1982 it started it’s secular Bull Market some of which we are consolidating now. Highest marginal income tax rates were 70% at one point and then 50% at the end of the 70’s. The capital gains tax rate was 50%. Unemployment seemed to be over 7% a good bit of the time with the exception of a few years under Carter of 5% to 6% if memory is right. We had lost the Vietnam war due to a lot of reasons but final one being Democrats pulling the plug on funding. We lost Iran as an ally. We lost Nicaragua as an ally. We lost several countries in Africa as allies. Basically no pun intended the Reds were winning the cold war on the surface. Inflation was over 12%. Interest rates peaked at 21% or so. Gas lines. Etc. In 1980 the money of the GOP had lined up for John Conolly not Reagan (eventhough he had plenty of donors). Oil had sent two shock waves through the economy in the 70’s. Reagan reigned oil prices in by increasing supply and getting plenty of help on inflation from Paul Volker and later Greenspan. When Reagan took office there was a flame throwing GOP congressman on the bench named Newt Gingrich. He did more in the house to expose and bring down the Democrats or change the control over the next 14 years than anyone in the body. Remember the House bank where checks were bounced, etc. Big Goverment use to be an easy target for the GOP until recently. That is all Gingrich, Mccain and these other GOP house memmber are trying to do is reign in spending. One criticism of Reagan is he took the National debt from $1 trillion or so to approx $2 trillion or so. However he expanded the pie, GDP. What is disturbing now is the debpt is approaching $10 trillion and the pie is not growing at the rates it needs to in order to justify the debt. A workout is much better than a bailout.
By KEN
September 28, 2008 5:11 AM | Link to this
I think the mortgage lenders should put the mortgages up for sale at 10 cents on the dollar to their mortgagees.. best guess is they could miraculously “find” cash or assets to keep that from happening.
By Jon Alva Murphy
September 28, 2008 5:58 AM | Link to this
Vice President Palin?!, I should say that is an ultimate blow to the intelligence of the GOP! Why this person is being pedastled is beyond me! She needs to take a hike in Alaska’s frontier, and leave the reigns of the country to someone that has a mind with intellectual capabilities.
By TG
September 28, 2008 7:22 AM | Link to this
All of this is rooted in one fundamental truth: Money and credit is finite. Whether loans are subprime or no risk, the consumer has a limit as to how much financial weight he can bear. To attain growth, our economy has become far too dependent on people spending themselves into oblivion. It simply cannot continue. The current economy is built on sand. Bailing the vultures out is simply bringing in more sand….it’s a lunatic’s solution. Until consumers and governments learn to live within their means, we will not fix this. Unfortunately, if people stop spending money they don’t have, there will be some painful years of healing and adjustment. We are in a “catch 22”, but building a concrete foundation underneath our economic society requires that we all learn to live within our means, period!
By Bo Chambliss LOBBYIST
September 28, 2008 7:53 AM | Link to this
I know a lot of you are up set that Saxby Special Interest Chambliss has sold Georgia’s vote to Bankers & Insurance Companies for the $1,322,000.00 that opensecretc.com states but that is simply not true, these numbers are only through June & I’ve been really busy shaking special interest down for serious money. In fact we have done so well that we don’t know how much we have collected. All of Georgia should be proud of how much Saxby has sold your vote for. McCain Says Country First, Saxby says Special Interest(especially Bo Chanbliss) First.. SUCKERS.
By Tomhere
September 28, 2008 8:10 AM | Link to this
Newt Gingrich - You are, without a doubt, a lying, distorting sack of human waste. Why does everything that comes out of your mouth have to be a partisan distortion. “….the Democrats are desperate for socialism” You ought to be whipped. Public figures who say such things should be PHYSICALLY PUNISHED. I’m talking Abu Graib type treatment. God forbid that you ever come face-to-face with me, because YOU WILL get a bloody nose. I might only hit you once, but I guarantee it’s gonna be a doozy. SHUT THE F* UP. There’s a reason why you aren’t in congress anymore. You are an ignorant blowhard pig.
By J in GA
September 28, 2008 9:53 AM | Link to this
By Common Sense I love Democrats who don’t even know simple facts. Gingrich was Speaker of the HOUSE. DUH!
September 27, 2008 3:40 PM | Link to this
He presided over the senator as the majority leader and was part of deregulation!
Face it he is a windbag! Now he knows about the financial situation.
By exDemocrat
September 28, 2008 10:01 AM | Link to this
Barney Frank, Chris Dodd, Franklin Raines, Jamie Gorelick, and Jim Johnson should all be in JAIL.
Obama, Reid, and Pelosi should all resign and be thrown in the streets with the other anti-American socialist freaks.
Now more than ever: Hero over Zero.
McCain/Palin ‘08 … it’s time to clean out Washington.
By Lisa
September 28, 2008 10:10 AM | Link to this
My feeling is that Karl Marx is loving this bail out.
By Lisa
September 28, 2008 10:11 AM | Link to this
My feeling is that Karl Marx is loving this bail out.
By Lisa
September 28, 2008 10:11 AM | Link to this
My feeling is that Karl Marx is loving this bail out.
By Lisa
September 28, 2008 10:12 AM | Link to this
My feeling is that Karl Marx is loving this bail out.
By rodney
September 28, 2008 12:03 PM | Link to this
Its time for a national strike to bring all these fat cats too their knees. We want our country back from the rich. We are finding out how the third world is living. Rich or poor!!!let’s go people!!! Stand up against them.
By Ellie
September 28, 2008 3:23 PM | Link to this
Paulson and President Bush should be ashamed of themselves. Bush for naming Paulson Secretary of the Treasury and Paulson for daring to accept the position. Look at Paulson’s record of income from Goldman Sachs.
In 2004 Salary Cash & Stocks =$11,660,000 In 2005 ” ” =$12,260,000 In 2006 ” ” =$163,987,000
Paulson assumed office as Secretary of State on July 2,2006 Notice the huge jump in his salary from GS.
Think about it. Check it out. Any chance Goldman Sachs rewarded Paulson for accepting the fed position and keeping thinks going for Wall Street??????? Any chance Bush sppointed Paulson for the same reason?
By Ellie
September 28, 2008 3:26 PM | Link to this
Paulson and President Bush should be ashamed of themselves. Bush for naming Paulson Secretary of the Treasury and Paulson for daring to accept the position. Look at Paulson’s record of income from Goldman Sachs.
In 2004 Salary Cash & Stocks =$11,660,000 In 2005 ” ” =$12,260,000 In 2006 ” ” =$163,987,000
Paulson assumed office as Secretary of State on July 2,2006 Notice the huge jump in his salary from GS.
Think about it. Check it out. Any chance Goldman Sachs rewarded Paulson for accepting the fed position and keeping thinks going for Wall Street??????? Any chance Bush sppointed Paulson for the same reason?
By Moxie
October 1, 2008 1:27 AM | Link to this
Gee thanks, Newt. Nothing like shooting your own wounded! For crying out loud, do you miss the public eye so much as to not be able to restrain yourself to private comments with you 100 or so friends in Congress?
As they say, “With friends like Newt, who needs enemies?”
Newt! GO AWAY and STAY AWAY.
By Moxie
October 1, 2008 1:27 AM | Link to this
Gee thanks, Newt. Nothing like shooting your own wounded! For crying out loud, do you miss the public eye so much as to not be able to restrain yourself to private comments with your 100 or so friends in Congress?
As they say, “With friends like Newt, who needs enemies?”
Newt! GO AWAY and STAY AWAY.