Full Transcript: ABC News Iowa Republican Debate

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MITT ROMNEY: We don't need-- we don't need folks who are lifetime-- lifetime Washington people to-- to-- to get this country out of the mess it's in. We need people from outside Washington, outside K Street. And by the way, one more thing, to have kids work in the-- in the library and to-- and to help out in school and to clean the blackboards does not require changing our-- our-- our child labor laws in this country. We of course should encourage more kids to--

(OVERTALK)

GEORGE STEPHANOPOULOS: We will-- we will come back to that, I wanna bring Congressman Paul in on this, because-- Congressman, you've been running ads that are quite tough--

RON PAUL: Quite what?

GEORGE STEPHANOPOULOS: Quite tough on Speaker Gingrich here in Iowa this week, accusing him of quote, and this is a quote from your ad, "serial hypocrisy." Why do you think Speaker Gingrich is a hypocrite?

RON PAUL: Well, he's been on different positions, you know, on so many issues. You know, single payer-- he's taken some positions that are not conservative. He-- he supported the TARP funds. And-- the other-- really annoy-- should've (LAUGH) annoyed a lot of people, he received a lot of money from Freddie Mac. Now, Freddie Mac is essentially a government organization.

While he was earning a lot of money from Freddie Mac, I was fighting over a decade to try to explain to people where the housing bubble was coming from. So Freddie Mac is bailed out by the tax payers. So in a way, Newt, I think you probably (LAUGH) got some of our tax payer's money. They g-- they got taxed, and they got money on, and they're still getting bailed out.

But-- you're a spokesman for 'em and you received money for 'em, so I think-- I think this is-- something that-- the people oughta know about. But there's been many positions, and you have admitted many of the positions where you have changed positions. But-- you know, if you were lookin' for a consistent position, you know, I-- I think there's gonna be a little bit of trouble anybody competing with me on consistency. (LAUGHTER) (APPLAUSE)

(OFF-MIC CONVERSATION)

NEWT GINGRICH: Well, first of all, as you say in your own, normally in your own speeches, the housing bubble came from the Federal Reserve inflating the money supply. Now, that's the core of the housing bubble and I happen to be with you on auditing the Fed and on fund-- and frankly on firing Bernanke. Second, I was never a spokesman for any agency, I never did any lobbying for any agency. I offered strategic advice. I was in the private sector. And I was doing things (LAUGHTER) in the private sector.

RON PAUL: Oh come-- okay, okay. (LAUGHTER) (APPLAUSE)

(OVERTALK)

RON PAUL: --private sector. (LAUGH)

NEWT GINGRICH: And-- and when you're in the private sector, and you have a company and you offer advice like McKinsey does, like a bunch of other companies do, you're allowed to charge money for it.

GEORGE STEPHANOPOULOS: All right--

NEWT GINGRICH: Ca-- ca-- it's called free enterprise.

RON PAUL: It's the tax payer's money though, we had to bail these people out--

NEWT GINGRICH: Well I was-- I'm not for bailing them out, in fact, I'm for breaking them up.

GEORGE STEPHANOPOULOS: Let me bring Congresswoman Bachmann in on this, because you make similar accusations against Speaker Gingrich. You called him a "poster boy of crony capitalism." Did he answer your concerns?

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