#1 Newt Gingrich: Kill the Paulson Plan. Hard.
09-23-2008, 03:49 PM
- Join Date
- Aug 2005
I just got back from a Newt Gingrich press conference where I had a nice back-and-forth dialogue with the former Speaker of the House about the Paulson Plan, which he totally hates. A few quotes and Gingrichian observations:
1) He called it a "stupid plan" that looks like it had been designed by autocrat Vladimir Putin. He also said it will be a "nightmare" to implement and full of corruption.
2) He said the Paulson Plan would be a "dead loser" on Election Day that will "break against anyone who votes for it." It will hurt even worse with the 2010 election once Americans see what a drag it is on the economy when implemented.
3) He recently chatted with economic historian Alan Meltzer who advocated doing nothing rather than implanting the Paulson Plan. Meltzer apparently joked to Gingrich that this was about the third time he had seen Wall Street scream "the apocalypse was nigh" only to have the economy keep right on chugging along.
4) Gingrich thinks that if the Paulson Plan isn't passed by this weekend, it is dead and the White House better have a Plan B, economic-growth package ready. Right now, he still thinks it has an 80 percent chance of passage, partly because of Paulson's apocalyptic tone that if a bill isn't passed, "the whole world will end on Tuesday."
09-23-2008, 03:57 PM
- Join Date
- May 2008
- Northern Virginia
I heard him in an interview yesterday on NPR, and his rage at Paulson was apparent. He's adamant that Paulson not "get away with" this."Today, [the American voter] chooses his rulers as he buys bootleg whiskey, never knowing precisely what he is getting, only certain that it is not what it pretends to be." - H.L. Mencken
09-23-2008, 04:50 PM
- Join Date
- May 2008
I don't disagree with Newt. He knows 10k tmes more than I do. However, I would like to ask him a question.
1. If US debt obligations like mortgages, etc. that foreign countries hold are allowed to lose most of their value, why would foreign countries ever invest in any of our securities. Plus, why would they want to take our dollars. Note, Lehman & AIG sold the derivatives (insurance) to prevent a loss in inflation and a meltdown of the dollar. Lehman went bankrupt and AIG would have been next without a bailout.
I think a melt down of the global financial markets would take place if a bail out did not take place. I hate it because it not only bails out American institutions but also countries like China, Saudi A, etc. They don't have to worry about their investments going south. However, the American taxpayer get stuck with the bill.
09-23-2008, 06:47 PM
Newt Lays It Out - Part 1 of 3 - Former Speaker of the House Newt Gingrich says the bailout plan is a disaster.
Newt Lays It Out - Part 2 of 3 - Former Speaker of the House Newt Gingrich says the bailout plan is a disaster.
Newt Lays It Out - Part 3 of 3 - Former Speaker of the House Newt Gingrich says the bailout plan is a disaster.The 21st century. The age of Smart phones and Stupid people.
It is said that branches draw their life from the vine. Each is separate yet all are one as they share one life giving stem . The Bible tells us we are called to a similar union in life, our lives with the life of God. We are incorporated into him; made sharers in his life. Apart from this union we can do nothing.
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