Newt Gingrich: Sarah Palin Right on Bernanke

By Kate McCarthy

Nov 9, 2010 10:13am

They could soon be political opponents if Newt Gingrich and Sarah Palin decide to make a run for the Oval Office– but today the former speaker of the House agreed with Palin’s criticism of Fed Chairman Ben Bernanke.

“I would say that Bernanke is fundamentally wrong. That is he running – he is fundamentally misreading the economy. This economy lacks confidence in the government, it doesn’t lack cash,” Gingrich told me.

Yesterday Palin called on Bernanke to “cease and desist” with his plan to buy $600 billion worth of bonds and cited a warning from the German minister of finance, according to the National Review.

Gingrich said it is “interesting” that Palin and Germany are on the same side – but added America  should take a look at what the country accomplished.
 
“Germany right now has its lowest unemployment rate in 18 years. They are the only exporting country in Europe that can compete with China,” he said.

So what will help the U.S. economy? Gingrich said we need certainty on taxes.

“When the Democrats left Congress without having passed a tax bill they guaranteed that no company in America, no investor in America has a clue on January 1 what their taxes are,” he said. “That’s an environment where you don’t create jobs. And pouring out more paper money and increasing the risk of inflation is not a very clever way of trying to solve that.”

Watch my interview with Gingrich here:

George Stephanopoulos

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