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Sep 29th 2008

I’m with Newt Gingrich on the $700,000,000,000.00 Bailout

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.

Emphasis added. Source: ABC.

George Will is also highly critical, for the same reasons as Newt. Watch video of the discussion.

See also:
I’m with Jeffrey Miron on the $700,000,000,000.00 Bailout.
I’m with Ralph Nader on the $700,000,000,000.00 Bailout.

Also, as a post-script: There are several tragic elements to the current economic crisis. Not the least of which is me being forced to listen to people refer to “Wall Street” and “Main Street” in the same sentence over and over and over to the point that it has become unbearable.

2 Responses to “I’m with Newt Gingrich on the $700,000,000,000.00 Bailout”

  1. […] also: I’m with Jeffrey Miron on the $700 Billion Dollar Bailout. I’m with Newt Gingrich on the $700 Billion Dollar Bailout. Posted by travis in economics, travis […]

  2. […] also: I’m with Newt Gingrich on the $700 Billion Dollar Bailout. I’m with Ralph Nader on the $700 Billion Dollar Bailout. Posted by travis in economics, […]