I think that Newt is at least right on the economics of this

The Hill has a discussion here:

Former Speaker of the House Newt Gingrich said Tuesday that any lawmaker who votes for the Bush administration's $700 billion bailout package, which he called a “dead loser,” will face defeat in November.

Gingrich (R-Ga.) said he thinks Treasury Secretary Henry Paulson is trying to scare lawmakers into passing the bailout plan quickly and without thorough study.

“I think what Paulson hopes to do is say, ‘If you don’t do exactly what I want you to do, the whole world’s going to collapse on Tuesday’,” Gingrich said.

The former Speaker, talking to reporters at a lunch, added that he expects Democratic presidential candidate Sen. Barack Obama (Ill.) to back the plan. He predicted that, if Republican presidential candidate Sen. John McCain (Ariz.) ends up opposing the administration proposal, there will be an overnight “emergence of a McCain/reform wing of the Republican Party.”

Gingrich said that occurrence would turn the election on its head, with Republicans running ads that feature Obama with President Bush on the same team in pushing for a “nightmare” bailout plan. . . .

Rasmussen Reports indicates that only 28 percent support the Federal Bailout.



Blogger nobailoutswithoutjailtime said...

I think the FBI has the right idea here on how to deal with the "bailout":


FBI probing bailout firms

WASHINGTON (AP) -- The FBI is investigating four major U.S. financial institutions whose collapse helped trigger a $700 billion bailout plan by the Bush administration.

Two law enforcement officials said Tuesday the FBI is looking at potential fraud by mortgage finance giants Fannie Mae, Freddie Mac, Lehman Brothers Holdings Inc., and insurer American International Group Inc.

9/23/2008 9:36 PM  
Blogger Rail Claimore said...

Wonderful insight, and he might be right on the election stuff.

Btw, I added you on facebook. Glad you joined!

9/24/2008 12:01 AM  
Blogger Dad29 said...

Yes, Gingrich is right on the economics.

But Gingrich's solution is politically dead-on-arrival.

Unfortunately, that means that his economics will not get implemented. He may as well call for repeal of OSHA, ERISA, and the 10th Amendment.

He's just acting stupid.

9/24/2008 7:56 AM  

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