Gingrich: McCain Must Oppose Bailout

That Newt. And to think he was once satisfied just shutting down the federal government.

If McCain doesn’t come out against the bailout, he’ll show himself to be the Bush puppet that his detractors accuse him of being. I was encouraged by McCain’s initial stance against the bailout. Then McCain flip-flopped into Bush’s camp. I wonder if he got a phone call from the White House or something.
Sterling Greenwood
Aspen Free Press

Having the choice between the ongoing of a economic desaster and a black president a lot citizen are chosing the ongoing of the desaster…. you call that a self destructing hate.

sure he can vote for it and then call himself a reformer, jsut like he can spend 26 years calling for deregulation and then claim lack of oversight as a factor in the current crisis. Just like it has been 8 years of a GOP whitehouse, with 6 years of a GOP congress and it is Obama’s fault that the banks are failing now. That his sits on the commerce committee but doens’t understand economics. This turn of face would be no problem for him.

obama said today taht this administration with their bailouts are officially hamstringing the next president and if the bailout goes through he would have to slowly ad in his plans over the course of his first 4 years
sounds like obama has a grasp of the situation
anyone want to wake up mccain and tell him his tax cuts for the rich wallstreet people arent looking so great and ask him how he plans to get the defecit down

Gingrich ’08

REPUBLICAN BLAME:
democrat administration and minority homeowners for the wallstreet catastrophy
LOL this is sooo good, i mean, who are these people
no it wasnt the deregulation it was the democrats and all those pesky yard workers
lol
cmon wtf you guys need to be out of office for awhile, you are pathetic
tahnks for bankrupting the country pathetic republicans

I personally can’t wait for the debate on Friday.

Thank you, George Bush. Thank you, John McCain. Thank you, Sarah Palin. I’m sick to my stomach after reading the following:
“We are now at a tipping point, with about half of the country now penetrated by a range of Sunni militant groups including the Taliban and al Queida,” Jones said. Jones said there is growing concern that Dutch and Canadian forces in Afghanistan would “call it quits.”
“The US military would then need six, eight, maybe ten brigades but we just don’t have that money,” Jones said.
Last week, Admiral Michael Mullen, the chairman of the Joint Chiefs of Staff, told Congress “we’re running out of time” in Afghanistan. “I’m not convinced we’re winning it in Afghanistan,” Adm. Mullen testified.

bhrandon….Stop thinking old school…this isn’t repub vs dem issue..took both parties to get us here and it is going to COST BOTH REPUB/DEM/INDEP…TAXPAYERS TO GET US OUT..

I hope you have a personal phone line to Senator McCain with this advice. I have emailed and phoned my state Senator; promising to vote for his opponent if he backs this bill; and though I could never in good concience vote for Obama, I may consider sitting out this election.

It is interesting that the cast of characters who brought the housing market to this pass … the Dodds, Pelosis, Kerrys, and — yes, 0bama (who got more than $100,000 from Fannie Mae) are now on the side of the “little guy.” What a joke those Democrats are!

Newt…BRILLIANT!
Now we have to convince McCain/Palin to come out against the bail-out.
http://www.johnmccain.com/Contact/
Main street has already made adjustments and there is a calculation that we have one more year of higher than normal foreclosures… helping those who are holding rentals.
Remember, “THIS IS ALL ABOUT THE TAXPAYER”, stupid. The chant of the day… REALLY?
We will still be able to help those who REALLY need help… when we crash…. American CITIZENS… not the foreign market or banks or other financial/insurance institutions.
I think we have faith that Wall St will bounce back – cleaner. Yes, it will be felt worldwide… but who could take our place?
I feel this is a rush job… most are nervous because congress MUST take their vacation… we already know they do not care about us (NO DRILL).
Copy these remarks and send them to your politicians… and of course, let OUR MAVERICKS know how we feel.
Let the Democrats decide to create this mess (but the word on the street they will not carry the ball if McCain opposes it).
You have to give Bush and McCain credit.. when the American people opposed illegal immigrant SANCTUARY, they listened to the WILL of the people.
I believe we still have to power to change this, IF we ACT.
This whole thing is political… the only other option is to commit to $700B, now, and create stipulations later.

OH, and Mel–This bail-out WAS George Bush’s idea. It wasn’t the Dems. GW is pushing to have it passed.

Obama needs many miracles to be president of this great nation.
McCain/Palin does not need any miracles.
http://www.wnd.com/index.php?fa=PAGE.view&pageId=74783
http://wnd.com/index.php?fa=PAGE.view&pageId=60559
http://www.worldnetdaily.com/index.php?fa=PAGE.view&pageId=74635

the other jd
Hey, put your strategic hat on… we’re on the same side. I think pressure could turn it around… If WE don’t do it, nobody will.
blog blog blog does not good, unless somebody in power reads it.

McCain and Obama and Bush need to come out together for this bill to take the politics out of it;they need to focus on what is best for the country.

I hope McCain votes for the bailout and wins in November because next year is the 80th anniversary of the Great Depression. Sarah can jump out of the cake and wish him Happy Anniversary!

Newt’s plan makes more sense than anything I’ve heard yet. There is information on this that is above our pay grade, however. There must be a short term plan to un-freeze credit markets. There must be a long term plan to better diversify our economic system. The plan being offered us by the Neo-Establishment appears to be the replacement of a corrupt oligopoly by an easily corruptible monopoly. Capital managed by the government is Socialism.

How many of you “let wall street feel what main street feels” know that it’s the same thing? Who do you think invested in or loaned money to your employer? Who do you think offers loans to send your kids to school? Who do you think put up the investment and the insurance for your town/city to invest in infrastructure? If Wall Street tanks, Main Street tanks – as businesses shut down, as infrastructure crumbles, as the high cost of education gets further out of reach.

“Newt” forgets the obvious elephant in the room, the fact that without a bailout, it’s the Great Depression all over again when the capital markets implode. I have a feeling that the strategy of resisting the bailout leaves anyone saying ‘no’ with a question to answer, “what is your alternative?”
McCain has no alternative and if he tries to demagogue against the bailout, he’ll appear like someone who is perfectly willing to watch the American people go through another depression because he didn’t want to support the 700 billion dollar measure now. Not to mention the narrative that Republicans such as McCain are responsible for this crisis, something supporting by polling in the past week on the matter.
I don’t see resisting a bailout all together being a strategy that will resonate with voters, especially if the series of principles released by the McCain campaign are adopted in some form in the legislation.

MCCAIN IS TOO BUSY THIS MORNING…
Mark this day down. Today — last night, actually — the New York Times and Roll Call reported (it’s hard to see who was first) what may be the biggest political story of the campaign. How big? John McCain might have to fire his campaign manager. Big enough?
The story is this. The lobbying firm of Rick Davis, the manager, was being paid $15,000 a month by Freddie Mac until last month. That fact is a direct contradiction of words McCain had spoken Sunday night. At that time, responding to a Times story being prepared for Monday’s paper revealing that Davis had been the head of a lobbying consortium led by Freddie Mac and Fannie Mae until 2005, McCain said Davis had done no further work for either mortgage giant.
Someone’s lying – either Davis to McCain, or McCain to the public

I mean really who gives a ratrs behind what the old turd blossem Gingrich has to say or think for that matter. Back to the hole you crawled out of Newt, go play in traffic.

I like it rich you plan seems good to me where do I sign?????

“Congress established the environment which caused this mess when they forced banks to make credit available to individuals far in excess of what they would have normally qualified for.”
Yep. Here’s my take on the situation.
Democrats keep mentioning “deregulation” but don’t mention the reason. Beginning in 1999 we lowered loan standards with the “social justice” goal of increasing “minority” home ownership. We did this by the government telling financial firms they had to accept lower standards for credit and in return we would underwrite the loans using Fannie Mae and Freddie Mac. From there it was greed that took over.
I think this is why you see support for the bailout from both republicans and democrats; they don’t want people to really know WHY we got here they just want to keep things vague with “deregulation” and “greed.”
This is a perfect example of why you have to be careful letting “feel good” politics get in the way of business. We told businesses they had to accept bad loans and it just got worse and worse from there from greed as everyone tried to prolong the housing bubble.
Housing was going up at a ridiculous, unsustainable rate and no one was complaining. Real estate companies and financial firms were getting their money, homeowners were quiet believing they were gaining wealth, politicians (both parties)were getting their political donations, and the noble cause of home ownership even for people that don’t deserve it was being fulfilled.
However housing was becoming so high prices the middle class could no longer buy homes. The market should have leveled out or decline slightly a couple years ago. Rather than let the market naturally level out or decline the financial firms, real estate companies, politicians, etc wanted to keep making their money so they got more and more creative with the loans based off of the poor standards established in the late 90s until the bubble could no longer be contained and it popped. And here we are.

Gingrich is a political genius!
He is a mastermind for the conservative movement. Republicans should listen to him like they did in 94′

Cryos:
“Congress established the environment which caused this mess when they **forced** banks to make credit available to individuals far in excess of what they would have normally qualified for.”
———————-
WRONG.
Private banks were never “forced” to loan money to anybody.
They CHOSE to loan money because they thought that they could turn a profit.
Lehman brothers was never “required” by the government to buy up sub-prime mortgages debt.
Why were sub-prime mortgages at variable interest rates requiring no income history, no collateral assets, and no significant down payment were possible?
Because this lending market was DEREGULATED, i.e. there were NO REGULATIONS requiring this, and there was not oversight.
—————————-
Note: private banks are never “required” to make home mortgage loans, to anybody, at anytime, for any reason.
Are many private banks making mortgage loans today? No, they are not.
Could the government “force” these banks, today, to make loans at interest rates the government sets? No, it could not.
Yet you claim the government somehow had this mysterious power in 2003? What happened?
My answer is nothing happened. The government did not have this power in 2003 and it does not have this power today.
The mortgage market was a free market.
In a free market, private banks make loans if they choose to make loans, i.e. because they think they’ll make a profit. This was also true of Freddie Mac and Fannie Mae.
The government DID say that, all other things being equal (down payment, perceived ability to make monthly payments, etc) the RACE of an applicant could NOT be a criteria used to deny someone a mortgage loan.
Example: Take two people with the same monthly income, making the same down payment, with the same assets.
Banks cannot deny one of the two a loan based on race, or some proxy for race.
That’s the regulation that applies here.
This regulation did NOT create the current crisis in the housing market.
—-
Banks CHOSE to take on the risk of sub-prime mortgages, but this is something they chose with eyes open and voluntarily – they thought they could make a profit, they thought wrong. We, the American taxpayer are being stuck with the bill.
—-
Proper regulation of these sorts of loans may have prevented this crisis from snowballing to the extent that it has.

Long live Newt Gingrich!
The last true political genius, the last real REVOLUTIONARY!
Viva Newt Gingich & Vladimir Lenin
Viva Newt Gingich & Joseph Stalin
Viva Newt Gingich & Fidel Castro
Viva la Revolucion!
Viva la Revolucion!
Viva la Revolucion!
—-
NO BAILOUT!
Let the free market system collapse!
To the barricades!
When banks stop making loans altogether, a second great Depression hits, we see 20 – 30% unemployment, people being thrown out of their houses, a global recession….
…then we’ll see a proper revolution!
—-
Workers of the world unite…
join forces with Newt Gingrich’s Republican party…
the real party of revolution
….we have nothing to lose but their chains!

Banks were called Racist and accused of Redlining.
———-
Banks were called racist because they were using racial criteria to determine who did or who did not get a loan.
They were being racist!
—-
Congress did not require Banks make questionable loans, banks made these loans of their own free will. They saw a chance at making an easy profit.
They did see some profits, the CEOs and top sellers DID receive multi-million dollar “performance-based” annual bonus packages, retiring execs and CEOs did walk away with multi-million dollar golden parachutes.
Now, after their risky lending practices have resulted in a market collapse, they are still driving home to their million dollar mansions, they still have multi-millions tucked away in Swiss bank accounts, they still have their summer villas and yachts in the Riviera. They took the money and ran!
——
Again, the courts only said that, ALL OTHER THINGS BEING EQUAL, banks could not choose to grant or deny a person a loan based on race.
Banks COULD always deny an African-American a loan based on objective financial criteria (insufficient down-payment, poor or sketchy income history, no collateral), but if they denied an African-American a loan based on those criteria, they WERE REQUIRED to DENY a white applicant who met the same objective financial criteria a loan as well.
—-
Bank’s CHOSE to make loans to individuals, both white and black, who were dubious borrowers – that was their mistake.
They were ENTIRELY FREE, as they are ENTIRELY FREE TODAY, to refuse questionable mortgage loans based on any number of OBJECTIVE, FINANCIAL criteria.
They preferred to take the risk. The took the profits.
We, the American taxpayer are stuck with paying the tab.
—-
De-regulation and lack of appropriate oversight played a HUGE role in bringing about this crisis.

So Newt wants to spin this as the Bush/Obama Bail-Out so McCain can get elected? The Americans be dammmed? What a rotten politician! I don’t know if the bail-out is right or wrong but I sure as he11 don’t want someone voting for it or against it for solely political purposes!

Lots of race peddlers in here. So if we aren’t for Barack we must be full of hate and racism? Our education system is worse than i thought..

HA, guess Obummer decided he can’t sit this one out after all. Just
announced on Fox news President Bush called and asked to meet with
both presidential candidates and key members of Congress (In other
words, he knows its not going well). Soooooo, guess, McCain was one
step ahead again..and Obama has to be persuaded to come play with the
other kiddies

Obama may have forgotten but he and McCain are both Senators. They are supposed to be two of our elected and salaried leaders; in fact… it is their *main* responsibility.
Obama keeps saying that McCain should be able to do more than one thing at time. That’s *really* funny coming from Obama… a man that has done virtually nothing *but* campaign for a big part of his career and for all of the last 2 years. He may see no need to be involved beyond standing on the sidelines and criticizing but I am damn glad that McCain considers his day job to be more important, at this time, than a few speeches and a debate.
It took both parties to get us in this mess… it’s going to take every last one of them to even begin to get us out. Øbama needs to give up the partisan one-upmanship, and … yes… the campaigning, for a moment and do his job.

Both of our current candidates are still Senators. They did not resign their positions and there are only 100 US Senators, so they should be in Washington representing Arizona and Illinois. Right now, I could care less about a presidential debate on foreign policy. I want our congress and president to do what is best for our country. Nothing about a $300 Billion bailout sounds good. Just higher taxes and a higher deficit. Neither of our presidential candidates are saying anything that I think would help this country. I don’t want to pay more taxes!!I have done my patriotic duty and then some.

The wall street bail out is supposed to buy their assets and resale them to someone else what i’d like to know is what happens if they have no buyers????

Gee, there are an awful lot of cynical comments–from both sides–on this!! Methinks that many of the people commenting forget that Speaker Gingrich has PROPOSED something and that we ought to DISCUSS sensibly and calmly. All this finger-pointing and railing against one side (party) or the other simply shows that you’re emminenty qualified to be members of Congress, for that is all they seem capable of doing. (Hence the “lofty” ratings of confidence in Congress these days!!!)
All these rantings reaffirm my belief that whoever wrote, “the masses are asses” was dead-on.
Grow up folks!! Start acting like responsible American citizens instead of 3-year-olds (and that’s putting down 3-year-olds!) The key to character is being able to act like an adult when others around you don’t. Be part of the solution; don’t nurture the problem.

Newt is an idiot:
Marking assets to lower of cost or market is a CONSERVATIVE DISCLOSURE PRINCIPLE OF GENERALLY ACCEPTED ACCOUNTING PRACTICES – the compendium of accounting “how to” overseen and manintained by the Financial Accounting Standards Board.
First: The conservative disclosure principle protects investors from buying a overvalued assets… which, if somehow enacted, would serve to deepen the crises… it already suffers from inadequated disclosure…
2nd: For Congress to meddle in the FASB’s business is ludicrous… Would Newt have Congress tell the AMA to dictate surgical procedures?
Sarbanes-Oxley: Was passed to thwart deception and fraud from WITHIN corptorations… NOT TO ADDRESS THE CRISES AT HAND… the suggestion is political bull. The rest of his suggestions are policital opportunism.
McBlunder will probably go with it!

The American people should see the plan also. We can’t see the tiny print that let’s face it is present with all legal papers and “normally” is no big deal, but it could be. Most Americans are against any bailout plan since most of us had nothing whatsoever to do with approving bad loans and should not be burdened with this debt, whatever the size ends up being. How about that plan include an investigation into all lawmakers and their own private loans to see who benefited. We already know that some got reduced interest rates and I ask all of you is that acceptable to you? It isn’t to me. I think everybody that knew or got special treatment for their relationship with Fannie and Freddie should be relieved of their duties ASAP. Equally I would ask all of you if you honestly think Franks sounds even the least bit intelligent and if Dodd doesn’t sound like he is tripping all over himself to come up with something plausible for al the mistakes. I would also ask how come Rangel is still holding down a job? Stevens? PLEASE DRAIN THE THUGS OUT OF WASHINGTON.

STAND FIRM HOUSE REPUBLICANS!!!!!!
We don’t want to pay for this plan!!!!!

My Memaw always said, “When in doubt, don’t.”
Sounds like a plan. How could this be a good idea. You can’t solve money problems with money.
Where does the cycle end? What will it mean for hard working people?
Who is sticking up for you?

100 Economists from Harvard, columbia, Princeton, etc. are dead set against the plan.
The bailout is a coverup for the congress and whitehouse
McCain must stand against it !
http://faculty.chicagogsb.edu/john.cochrane/research/Papers/mortgage_protest.htm

Gingrich’s ideas are inspiring but can only be successfully passed in the near term with some modifications.
1) Replace market-to-market provisions with 2-year averages for limited time (say, 6 mos?) to make tolerable.
2) Sarbanes-Oxley – free ONLY small business of the SOX law for a distinct time period (Hypothetically, businesses under $1B for next 3 years). This frees up cash for small business and maintains oversight for larger businesses that have scale to absorb the cost of SOX.
3) Capital gains tax – I like this for a quick hit. For two years make short-term capital gains tax equivalent to long-term tax (20% typically). This will re-fuel somewhat the slowing housing market. Of course a 2-year 0% (dreaming) or reduced by 10% (maybe passable) capital gains tax on housing would be even better.
4) Big energy bill is not a near-term option. Best that could be hoped for without dragging this thing out is to free up natural gas drilling in geographies both parties can tolerate.

A bailout opposition petition written in the words of Thomas Jefferson himself is at http://tomsaysno.appspot.com Now that the bailout has failed its first test in front of the American People, the urgency is even greater to stand against it until its driven deep into the ground.

I’ve been thinking about this a lot (as we all have) and it just occurred to me tonight… I’m be more than happy to agree with the “rescue” plan if Congress will do two things…
1. Hold themselves accountable (by name… not House or Senate but by individual names) if this thing doesn’t work. I want to know who screwed up!
2. Agree to some punishment if their plan doesn’t do what they are promising it will do. Punishment and an agreement that they will resign their post… Immediately!
I want to see some accountability before I will agree to this approach.