- Daily Photo: Obama Jokes Around at G-20
- Blackwater gets replaced in Iraq
- Daily Photo: U.S. Marines Look Out for Taliban in Afghanistan
- Hillary Clinton the Tomboy and Her "Ah-Ha" Moment
- Obama Administration Sudan Envoy Headed to Region
- Daily Photo: Potential Flashpoint in Iraq
- Clinton Says New Afghanistan-Pakistan Plan Depends on Diplomacy
- Exclusive: Three Israeli Airstrikes Against Sudan
- Additional 4,000 Troops to Be Ordered to Afghanistan
- Daily Photo: Navy Submarine Trains in the Arctic
- Alarm Over North Korea Missile Prep
- Anti-Terror Stimulus? US Offers Rewards for Top Terrorists
- Daily Photo: Pakistani Women in Refugee Camp
- Condoleezza Rice Appears on "The Tonight Show"
- Diplomat and Aid Group Sound the Alarm on Darfur Camp Situation
- auto industry rescue
- Ballotwatch
- Biden, Joe
- Bush, George W.
- Clinton, Bill
- Clinton, Hillary
- Dodd, Chris
- Edwards, John
- Giuliani, Rudy
- Gravel, Mike
- Huckabee, Mike
- Hunter, Duncan
- Inauguration
- Iraq
- Kucinich, Dennis
- McCain, John
- Obama, Barack
- Palin, Sarah
- Paul, Ron
- Romney, Mitt
- Tancredo, Tom
- Thompson, Fred
- Veepstakes
- Vote 2008: Democrats
- Vote 2008: Republicans
- Washington
- White House
« Previous | Main | Next »
'Un-American' Bailout, Paulson Should Have Quit, Gingrich Says
September 28, 2008 12:46 PM
ABC News' Tahman Bradley and Arnab Datta Report: Former House Speaker Newt Gingrich, R-Ga., on Sunday described Treasury Secretary Henry Paulson's request for billions of dollars to buy debt from struggling Wall Street financial firms as "un-American" and said the secretary should have stepped down.
Gingrich even expressed concern with Paulson's connections to Wall Street. The treasury secretary served as the chairman of a major global investment banking and securities firm before joining the Bush administration.
"You have the former Chairman of Goldman Sachs asking for 700 billion dollars, and in his initial request, asking for it in such an un-American way that I think he should have resigned," said Gingrich. "I think Paulson has terminally misunderstood the nature of the American system. Not just no review, no judicial review, no congressional accountability. Give me 700 billion dollars, 700 BILLION dollars! 'I'll be glad to spend it for you.' That's a centralization of power that is totally un-American."
Watch Gingrich's remarks HERE.
Watch "This Week's Sunday Sound" webcast HERE.
Early Sunday, congressional leaders and the Bush administration reached a tentative agreement on the $700 billion Wall Street bailout proposal. The bill is expected to come up for a vote in the House on Monday.
Gingrich, who made his remarks on the "This Week with George Stephanopoulos" roundtable, conceded that he would probably vote for the plan if he were still in the U.S. House because Congress was left with little choice.
Last week, Gingrich described the bailout plan as a "dead loser on Election Day" and urged Republican presidential candidate Sen. John McCain of Arizona to speak out against the plan. McCain, who appeared as the headliner on "This Week", signaled he's likely to vote for the bill in its present form.
September 28, 2008 in Washington, White House | Permalink | User Comments (720)
You can follow this conversation by subscribing to the comment feed for this post.
If you have a Satilite dish, Find a Neighbor with a Land Line System.
Turn to CNN and MSNBC
Find out Why You have been Lied to.
No Hurrican?
FIRST Space Walk?
Have you Been living in a Bubble?
Wait till you find out about History.
Find a Neigbor, call a Neighbor with a Land Line
Watch CNN and MSNBC From a Land Line
fox AND abc are Lying to you.
See Fake Hurrican in Maine.
Wait till Later, for More.
Watch WHOLE debate, Never Seen on abc AND fox
See Katrina Left Overs. Looks Pretty Good to Me.
Call fox AND abc and ask WHAT the Heck?
Who made First Spacewalk?
CNN and MSNBC from LandLine
:)
Posted by: historyremembered | Sep 28, 2008 12:49:35 PM
Kenneth, what is the frequency?
Posted by: Willis | Sep 28, 2008 12:59:35 PM
no hurrican? i'll recheck my satilite
dish.....and you can go recheck your tinfoil hat.
Posted by: DC | Sep 28, 2008 1:00:30 PM
I couldn't agree more! But why stop there; Dodd should go, too. And while we're at it Rangel needs to step down. Whoever the next president is, the first action should be ethical oversight of Congress.
Posted by: Gabby | Sep 28, 2008 1:01:26 PM
"Gingrich, who made his remarks on the "This Week with George Stephanopoulos" roundtable conceded that he would probably end up reluctantly voting for the plan because Congress was given no choice."
Is this what we should be getting from our media? Gingrich can't vote for anything because HE IS NOT IN THE HOUSE ANYMORE!! Sheesh, what great journalism.
Posted by: Get A. Clue | Sep 28, 2008 1:02:24 PM
This article is poorly written.
It makes no distinction between the original proposal from Paulson and the final deal between Senate Democrats and House Republicans. The oversight issues have now been resolved, a free-market alternative in included, and the $700 billion giveaway has been cut in half.
But Paulson should still resign.
As should Barney Frank and Chris Dodd.
Posted by: Jim Jones was a community organizer | Sep 28, 2008 1:03:32 PM
Let's see the charges pressed against all those responsible for the fraud at Fannie Mae/Freddie Mac.
And let's see charges brought against those who fought against the reforms when Alan Greenspan and others sounded the alarm about this.
It's the biggest scam on the American people in the nation's history.
Jail is too good for these people. We heard for years about Enron. Why aren't we getting daily investigative reporting on the machine behind this disaster: Fannie and Freddie and their political protector?
Posted by: romanesq | Sep 28, 2008 1:05:16 PM
historyremembered, please resume taking your medication. The doctor prescribed it for a reason.
Posted by: curmudgeon10 | Sep 28, 2008 1:07:51 PM
I'm in agreement with Newt on this one. The Fox with the most to gain is going to be in control of the U.S. Treasury, a role NO current politician has been proven to be trustworthy in handling.
In 4 months, Secretary Paulson is headed back to Wall Street.
We always have choices. Why the hurry on the bailout? Should be enough to the markets to know we can manage it, IF NECESSARY.
This group just gave a $25 million bailout to the U.S. auto industry.
This Congress must go, along with Pres. Bush and Secretary Paulson.
Posted by: lihansen | Sep 28, 2008 1:08:22 PM
Paulson and Newt are both ugly
Posted by: Timmy | Sep 28, 2008 1:08:34 PM
I listened to Gingrich on this. He has no real insight. George Will does have insight called it right, we are into the 9th month of the boomer retirement. The failed Wall Street decision-makers, via ignorant politicians, are attempting to extort our future social security monies. I say NO DEAL! I'm no longer interested in supporting Obama because the Supreme Court appointments are now irrelevant. What is relevant is protecting social security by slashing governmental spending, and only McCain has promised to do that.
So I'm officially declaring I'm another Hillary Clinton supporter who is going to vote for McCain, and spread this message to as many fellow Democrats as I can.
Posted by: WestCoastMessenger | Sep 28, 2008 1:08:41 PM
Barney Frank was one of the few people who voted AGAINST the repeal of Glass-Stegal in 1999.
fwiw, in the senate, the ONLY republican to vote against dismantling glass-stegal was shelby of Alabama.
Posted by: lynn | Sep 28, 2008 1:08:53 PM
Barney Frank was one of the few people who voted AGAINST the repeal of Glass-Stegal in 1999.
fwiw, in the senate, the ONLY republican to vote against dismantling glass-stegal was shelby of Alabama.
Posted by: lynn | Sep 28, 2008 1:10:22 PM
I agree..Newt can't vote so he should shut up??? but wait...
Obama couldn't vote on Iraq war so maybe he should shut up about opposing the war!!
Posted by: What'sup? | Sep 28, 2008 1:10:51 PM
Franks and Dodd should be JAILED! They intentionally commited FRAUD against the American tax payer. They DAMN well knew the problems with Freddie and Fannie and LIED to the public.
These two should be perp walked out of their houses and put on trial!
Stinking corrupt politicians...
Posted by: Mike | Sep 28, 2008 1:11:31 PM
This bail out will destroy us. No matter what action we take here we will get hit with some sort of blow.
We must let the market crash and re-correct itself. It is much better to take a one year hit and restore our economy then to continually bail it out and try to re inflate this bubble. $700 billion isn't the final price and it won't be the only bail out asked for.
THIS BAIL OUT MUST NOT PASS.
Everyone should be on the phone and e-mail to their congressperson and expressing the desire for no bail out.
Anyone that votes yes on this horrible bail out should be made famous (to regrettably quote McCain) and run out of office.
Posted by: Aaron | Sep 28, 2008 1:16:07 PM
They cannot solve the problem of an inability to borrow with more liquidity. The system is bankrupt.
The solution is to gradually reintroduce a gold/silver backing to the currencies of the world so that gov't bonds will have some real value.
Printing more paper currency out of thin air will only create inflation and eventually hyperinflation.
Finally, Paulsen must certainly go. Replace him with David M. Walker, prior head of GAO, who understands the dilemma.
Posted by: DanC | Sep 28, 2008 1:16:41 PM
If any thing they should only insure
Bank Deposits and Money Market
Funds. There should be no guarantee
for any PONZI SCEME (aka Wall Street)
This bill is nothing more than a lube
job. You will see nothing. This is not 1029. The world economy is intertwined
and many things are much different.
In the past huge inventories resulted
in layoffs at manufacturing plants. Now they are all overseas. Most layoffs will occur in foreign nations. Not here.
Any delay in consuption will create pent up demand. This FEAR FACTOR is
total BS. I say vote out these bums.
JIM
Posted by: Jim | Sep 28, 2008 1:17:09 PM
Sloppy reporting/writing:
"Gingrich . . . conceded that he would probably end up reluctantly voting for the plan . . ."
Last time I checked Gingrich was NOT voting. He retired from Congress years ago!
Posted by: Gary | Sep 28, 2008 1:17:30 PM
Time for blood in the streets, and politicians, Cabinet members, and the like to swing from the lamp posts.
Posted by: John Harding | Sep 28, 2008 1:20:10 PM
Post a comment



