« Previous | Main | Next »

'Un-American' Bailout, Paulson Should Have Quit, Gingrich Says

Share

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)

User Comments

Feed You can follow this conversation by subscribing to the comment feed for this post.

Barney Freaks and his buddy Dodd will never be the subjects of any criminal investigations. The news media loves perverts and crooks, as long as they are liberals.

Posted by: Dr. Botkin | Sep 28, 2008 1:20:47 PM

This is nothing less than a coup attempt by the left to turn this country into a socialist state! I'm grateful to the House Republicans for digging in and fighting.

Posted by: Sue | Sep 28, 2008 1:21:22 PM

Wall street greed is no worse than government incompetence. Combine the two and the taxpayers are stuck up the rear.
Term limits are in order for Congress. Notice all the "leaders" are DC institutions who let or caused this happen.
So the fox fixes the problems in the hen house.

Posted by: What'sup | Sep 28, 2008 1:22:37 PM

THEY KNOW THEY ARE RIPPIN' THE TAXPAYER A NEW as^H%L#, AND THEY FEAR 10% OF THE POPULATION COMMING FOR THEM.
So, they are adding intimidation by disolving Posse Comitatus into a paperwork glitch that can be handled by fax or internet.
http://www.armytimes.com/news/2008/09/army_homeland_090708w

Posted by: GRO | Sep 28, 2008 1:23:27 PM

"Article"?

This is a BLOG POST.

Do you understand the difference?

Posted by: John Galt | Sep 28, 2008 1:26:04 PM

After this bailour crashes the dollar remember the role YOU played in you own destruction! If you let this happen you have sentenced your children to a live of poverty. (Which means they can't afford to take care of you or even pay for your nursing home GASP!) The fault lies with you of you let them do this to financially destroy our country for the 1st time since 1929. Get on your phone DEMAND a NO vote, or await your own destruction.

Posted by: hmn | Sep 28, 2008 1:26:28 PM

Ummm.. Sue, your tinfoil hat is also apparently malfunctioning. George Bush is still President. His guys were the ones who proposed the bailout AND they wanted a more socialist form than what will likely be passed.

So, if you're mad at the plan, look who's in charge...

Posted by: MIguy | Sep 28, 2008 1:28:18 PM

Paulson is a bald headed useless retard that steals. Just wait and see how much of that money goes to that useless jerk's friends and family.. YOU'VE GOTTA BE KIDDING!!!! I thought Sea Hag (Pelosi) was stupid before. Now she's absolutely brain dead!!! ARE YOU DEAD YET TEA BAG TEDDY??? SATAN IS WAITING YOU CRIMINAL SATAN WORSHIPING B@ST@RD!!! DIE ALREADY!!

Posted by: Michael Becker | Sep 28, 2008 1:29:01 PM

There is nothing "un-Amarican" about this bail out. Biz has used the pols for centuries to get the edge and corp welfare. It's just that with the internet everyone gets to see the tip of the iceberg. Wake up America!

Posted by: birdseye | Sep 28, 2008 1:29:39 PM

Anyone want to bet the next treasury secretary will also come from Wall Street? Paulson will most likely go back to Goldman where he will not have any bad paper. I guess three of his firms bundlers obtained over $500,000 for Obama was a good investment.
I expect the next bailout will be for the media that was in the tank for Obama. Want to bet on that?

Posted by: blowfish | Sep 28, 2008 1:30:11 PM

No one in Washington has any courage to say no to bailout. This won't fix a thing,it will ensure the next taxpayer bailout.

Let Fannie Mae and Freddie Mac stay dead. Let the failed institutions fail. This is the fault of Congress' neglect and incompetenc passing liberal laws. Now poor people are in homes with no jobs and no income. Yippee! Then worthless loans were bundled with good loans to screw up the rest of the financial scene. Yuk! Stay away from my money --- confiscated taxes from the hardworking, following the rules. Put the offending Congresspeople in Prison now!

Posted by: acc | Sep 28, 2008 1:32:44 PM

It will be interesting to see if We the People still want to put forth the effort. We are not as young as we used to be, and we do not enjoy working as hard as we used to. What this hideous amount of Bail-out largess represents is labor – lots and lots of labor to produce the capital which must be diverted from our pocketbooks toward the Common Good. The fastest demographic climbing into the Public Wagon is the Yuppie. The politician may have finally arrived at that magical number where by the taxpayer just sits down. Malaise. Hello France.

Posted by: Edward Holman | Sep 28, 2008 1:33:22 PM

President WUSS should never have appointed Paulson to his job! What did he expect? He's a damned democrat!

Posted by: Just Another American | Sep 28, 2008 1:33:42 PM

if you want to really understand what is happening, how it happened,and who the crooks are, google Mish Roubini and click on mish's global ecconomic trend analysis.
the pols are not going to tell us the truth. didn't you notice that both candidates danced around the issue at the debate?

that is if you are interested in going beyond partisan talking points.

Posted by: colorado | Sep 28, 2008 1:35:04 PM

yes, they all need to step down....especially Paulson,Frank and Dodd.....why would anyone think it was acceptable for the foxes to rearrange the hen house.......if they do not, then i believe people will be marching in the street...it has already started......and it is spontaneous...talk about the ship of fools

Posted by: carlee | Sep 28, 2008 1:36:51 PM

I went to William Jewell College in 1979 as a ministerial student (licensed in 1978 or 1979). It's a long story. At present, I need your help. I never wanted to be "famous", but it's hard to fight the Establishment when you "don't exist". I was born in Haverhill, MA (Hale hospital; October 7, 1961). My cousin is Tom Bergeron, former host of Hollywood Squares etc. In 2000, I was a candidate for President. You want to read this. (google "blog/JFG98101" for related links)

Posted by: Jeffrey Forrest Sturk (Gallant) | Sep 28, 2008 1:38:43 PM

I've contacted my congressmen and I urge all others to do so and vote NO to this sham. If it were such a good plan the Democrats could have passed it without Republican support but were not willing to risk the fallout. Tells me something doesn't smell right here.

Posted by: ben | Sep 28, 2008 1:38:52 PM

Instead of lowering taxes, allowing america to drill for oil, reigning in spending, and making life affordable for everybody, the democratic party is to blame. This party made it illegal for banks to denigh loans to those who could not afford it. Knowing that that this is not feasible, this party created a market by making it legal to turn poor grade loans into A rated paper, so it could be sold to foreign investors for money and thus loans. This way people could get loans and pay things like property taxes, payroll taxes, and endless permits. It is time for to point out those congressmen who are actually at fault. How do you get along with those who would willingly destroy our families for political power?

Posted by: tk | Sep 28, 2008 1:39:33 PM

Every US Citizen should stop paying taxes until the Government respects that they work us and spend our money the way we do - on thoughtful purchases and on a responsible BUDGET!

BostonTeaParty 2008 should happen!

Posted by: BostonTeaParty | Sep 28, 2008 1:40:12 PM

Lets not forget the 10's of billion already injected to no avail. How about the 48 billion a few weeks ago for Africa at Bono's urging? I can't take this mental insanity anymore.

Posted by: LockNLoad | Sep 28, 2008 1:41:46 PM

Post a comment