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Newt's Statement on Voting for the Bailout Bill. Monday, Sept 29th Watch Newt's appearance on ABC's This Week. From this Sunday, Sept 28th. DOWNLOAD THE FULL TEXT OF THE BAILOUT BILL HERE ANALYSIS BELOW. From this Sunday, Sept 28th. Pro-Growth or Pro-Decay: Silicon Valley or Detroit as America's Economic Future. This is Newt's latest newsletter, released Wednesday, and you can catch up on his evolving remarks on the economy here, as well as the new movie "We Have The Power". You can read the transcript of the 2nd audio message to the right, at the Solutions Day 2008 website.
LATEST NEWS AND ANALYSIS OF THE BAILOUT BILL:
Below are are some of the latest news about the bailout plan and its impact on the economy. We will be updating this throughout the week for you:
The Bailout Package: Vital and Acceptable
by Stuart M. Butler, Ph.D. and Edwin Meese, III Heritage Foundation September 29, 2008 The Financial Crisis and ACORN and Obama
by The Editors NY Post September 29, 2008 Taxpayers Will Be Forced to Buy the Bad Debt of LOCAL GOVERNMENTS
by Andy McCarthy National Review September 29, 2008 VIDEO: Democrats in 2004 House hearing warned of Fannie Mae problems -- and saying there are no problems.
via YouTube September 29, 2008 The Bailout Bill and the Legislative Veto
by Prof. Stephen Bainbridge September 29, 2008 Myths and Facts about the recent bailout compromise: released by GOP leadership
via National Review September 28, 2008 A successful bailout? Watch lending between banks
By JEANNINE AVERSA Business Week September 28, 2008 Key elements of the rescue plan as explained by lawmakers and early drafts of the legislation
via Reuters September 28, 2008 VIDEO: Government Responsible for Fannie Mae/Freddie Mac mess
via Special Report w/ Brit Hume, Fox News
Article from 8 years ago foreshadows crisis: The Trillion-Dollar Bank Shakedown That Bodes Ill for Cities
By Howard Husock City Journal December 2000 ACORN, with a history of committing voter fraud on behalf of Democrats, to get 20% of the money from the bailout
By Ed Morrissey HotAir September 26, 2008 An Alternative Plan: Taking aim at the right market
By Vince Haley & Kevin Thomas Pigott National Review Online September 26, 2008 Constitutional Issues with the Housing Bailout
By Andrew M. Grossman, Robert Alt and Todd F. Gaziano, Heritage Foundation, September 26, 2008 Pain: The economy is passing a kidney stone. Here’s one man’s guide to survival.
By Bill Whittle National Review Online September 26, 2008 History as it happens: An Account of the Whitehouse meeting yesterday
By David Rogers, Politico, September 26, 2008 Bailout Talks to Resume After Impasse
By Sheryl G Stolberg, David M. Herszenhorn and Carl Hulse NY Times Sept 27, 2008 Bush: 'We Will Rise to the Occasion,' Bail Out Wall Street
By Peter Barnes and AP Fox News Sept 26, 2008 U.S. stocks slide on bailout doubt, WaMu failure
By Kate Gibson MarketWatch Sept 26, 2008 House Republicans Undercut Bush on Rescue, Slow Talks (Update4)
By Alison Vekshin and James Rowley Bloomberg Sept 26, 2008 Lawmakers Seem Near Deal on Bailout
By David M. Herszenhorn NY Times Sept 26, 2008 The Paulson Plan Will Make Money For Taxpayers
By Andy Kessler The Wall Street Journal Sept 25, 2008 Dr. Frankenstein’s Wall Street
By Victor D Hanson National Review Online Sept 25, 2008 Dodd Says `We've Got Work to Do' for Financial Rescue Accord
By James Rowley Bloomberg Sept 25, 2008 WRAPUP 1-McCain: Time is short to get bailout plan
By Steve Holland Reuters Sept 25, 2008 Bush Calls Bailout Vital to Economy, Will Meet With McCain and Obama
By Lori Montgomery and Paul Kane Washington Post Sept 25, 2008 All Deliberate Speed: Constitutional Fidelity and Prudent Policy Go Hand in Hand in Fixing the Credit Crisis
By Todd F. Gaziano and Andrew M. Grossman The Heritage Foundation Sept 24, 2008 Obama to McCain: a deal is a deal, the debate is on, meet you at Ole Miss
By Todd J. Gillman The Dallas Morning News Sept 24, 2008 The Paulson Sale: Wall Street Journal Editorial
By the Editorial Board of Wall Street Journal Sept 24, 2008 Give Paulson a Clean Bill
By Larry Kudlow National Review Online Sept 24, 2008 What Made the Great Depression "Great"?
By Jonah Goldberg National Review Online Sept 24, 2008 Taxpayers’ Trillion
By Thomas Sowell National Review Online Sept 24, 2008 A Time for Action: William F. Buckley, National Review, and the Defeat of Stagflation
By Brian Domitrovic First Principles Sept 18, 2008 Lots of People Could Use a Cash Infusion
By Tom Brokaw The Wall Street Journal Sept 24, 2008 Socialism in the Treasury Chest
By Mark Hemingway National Review Online Sept 24, 2008 Questioning King Henry
By John P. Avlon City Journal Sept 23, 2008 Our Federal Economy
By George F. Will The Washington Post Sept 24, 2008 HOUSE OF CARDS LIBERALS FUELED WALL ST. WOES
By Stan Liebowitz New York Post Sept 24, 2008 Bernanke Tells Congress That U.S. Economy Is Faltering By Neil Irwin The Washington Post Sept 24, 2008 Housing Grim as Financial Rescue Debate Rages
By Burton Frierson The Washington Post Sept 24, 2008 Bailout Proposal Meets Bipartisan Outrage
By Lori Montgomery, Paul Kane and Neil Irwin The Washington Post Sept 24, 2008 Buffett Deal at Goldman Seen as a Sign of Confidence By Ben White NY Times Sept 23, 2008 Newt Gingrich: Kill the Paulson Plan. Hard.
By James Pethokoukis US News and World Report Sept 23, 2008
Gingrich urges vote against 'stupid' Paulson plan
By Sam Youngman The Hill.com Sept 23, 2008
Gingrich On Why Bailout Plan Is 'Just Wrong' (Audio is available)
By Melissa Block and Newt Gingrich NPR Sept 23, 2008
Newt Gingrich on the Wall Street rescue: A 'very, very bad idea'
By James Gerstenzang, LA Times Sept 23, 2008
Policymakers: Congress Must Move Quickly to Avert Damage. Lawmakers Struggle to Gain Support For Bailout
By Lori Montgomery, Paul Kane and Howard Schneider
Washington Post Staff Writers Sept 23, 2008
Putting Chris Dodd in charge of drafting the Senate’s bailout bill is like letting Ken Lay write Sarbanes-Oxley
By Conn Carroll Heritage Foundation September 23, 2008
What Should Be Done About the Financial Markets? 8 Steps
By Stuart M. Butler, Ph.D. Heritage Foundation September 22, 2008
The Financial Bailout (and the New Resolution Trust Corp.) Must Restore the Markets and Protect the Taxpayer
By David Johm Heritage Foundation September 22, 2008
PENCE URGES HOUSE REPUBLICANS TO OPPOSE BAILOUT PLAN: "Nationalizing Every Bad Mortgage in America Is Not the Answer"
By Rep. Mike Pence (R-In), September 22, 2008
How the Democrats Created the Financial Crisis
By Kevin Hassett, AEI Bloomberg News September 22, 2008
Shares Weaken as Caution Reigns
By Kimberly Vlach The Wall Street Journal September 22, 2008
The Wall Street bailout bombs
By The Week September 22, 2008 PENCE OPPOSES BUSH ADMINISTRATION BAILOUT PLAN
By Congressman Mike Pence September 20, 2008 WISHTV: CONGRESSMAN PENCE OPPOSES BAILOUTS
By Congressman Mike Pence September 19, 2008
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| Comments |
 By
Bo in TN @
Tuesday, September 30, 2008 1:21 PM
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I have called my Dem. Congressman Bart Gordon today and expressed my outrage at his YEA vote yesterday. I recommended they check out Newt's mark to market analysis and respond ASAP in the house.
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By
patrick henry @
Tuesday, September 30, 2008 12:41 PM
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I agree, let's have another petition against this suspect bailout bill. It smells. Why Newt, why, did you say you would vote for it? Help me understand why we need the Secretary's support. We don't even need the President's support to kill it. I don't get it. Let the market be free! Not necessarily painless, but free. Give the market liberty and let it take the hits and heal itself. Just prosecute or recall the bad guys.
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By
gagalnc @
Tuesday, September 30, 2008 10:04 AM
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Thank you, thank you, thank you for posting the entire bailout bill!! Thank you for spreading truth about who really benefits from the plan! Thank you for standing in opposition to the bill, as most Americans do.
Here's my own personal bailout plan. I encourage every one of my friends and neighbors to PAY their mortgage, instead of buying a new car every year. I suggest that we begin to do what we're supposed to be doing financially instead of expecting to buy whatever we want without recourse! I encourage my fellow Americans to not go out and spend a great deal of money on Christmas, but to instead be sure you have a home in which to live this winter. PLEASE, let's end this financial madness!!
Maybe, with my plan, I won't have to pay for my irresponsible neighbors. I see them change cars yearly, own excess cars, a boat, a pool, and electronic gadgets. WHY should I pay for them to make such poor choices when I choose to live within my means?
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By
atlrest @
Monday, September 29, 2008 7:40 PM
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One simple solution:
Republicans deliver 12 votes in exchange for Nancy Pelosi's resignation.
Only one job lost and the whole American lifestyle is saved.
Tony
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By
Tusculum @
Monday, September 29, 2008 9:46 AM
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Mr. Gingrich, here is a suggestion for our Legislators to perhaps forestall the sort of national crisis we presently are confronted with.
The Preamble to our Constitution contains this astounding concept, the INTER-GENERATIONAL CONTINUANCE OF GOOD GOVERNMENT:
..."to secure the blessings of Liberty to ourselves, and our Posterity...".
The Founders staked all they did on the passing of sound legislation within the context of how it affected their children, grandchildren, and onwards to 'We the People' of the present time.
Their thought process included this main theme: Will the government of one period shackle the people of the next? Or would the 'Blessings' pass on? That is a question asked that is of immense import, as once things are done, the effect is very hard to reverse. I'm sure everyone can think of a few examples.
I suggest that every legislator, before a vote is taken, take out their wallet, and place the photos of their family, in particular their children/ grandchildren, (preferrably those taken when they were infants) in their view.
Look at them. Picture, in your mind, how they will think of your vote on the bill in question, and ask yourself 'would I want my own dependents to consider my action a blessing or a curse on them'?
And: The government I serve has this basic job: To protect the citizen's Life, Liberty, and Property. How will the bill, if it becomes law, support the same?
May the suggestion given above influence some legislator's in their decision making process to create both beneficial laws for this generation, and the next, and even to stem the endless wrangling in Congress to a marked degree!
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By
taramont @
Sunday, September 28, 2008 12:05 PM
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NEWT! WHERE IS YOUR STOP THE BAILOUT CAMPAIGN AND PETITION???
I agree with goptraci, we need more than emails to congressman and the White House. Come on, Newt, if this is the biggest socialist movement as you say, and I totally agree, you are the one with the means to get our voices heard!! Start the STOP THE BAILOUT CAMPAIGN NOW before it's too late!!
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By
SwingVoter @
Sunday, September 28, 2008 1:59 AM
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Stratoman, part of the financial literacy I spoke of is, at the most fundamental, knowing how to use a calculator:
85 Billion / 200 Million = 425 (not 425,000 !!)
$ 85,000,000,000 / 200,000,000 ppl = $ 425 per person
Yup, this idea of financial literacy really needs championing...
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By
Deecy @
Sunday, September 28, 2008 12:02 AM
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I am vigorously opposed to any government "bailout" of banks who, through greed, participated in the sub-prime fiasco.
This only came about because Pres. Clinton, at the urging of his Sec'y of Housing, Andrew Cuomo, suggested that he re-activate Jimmy Carter's affirmative action housing program. The program is rife with graft, bribery and pay offs. Crooked politicians like Barney Frank and Christopher Dodd are in it up to their necks.
Tom Deecy
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By
brhodes @
Saturday, September 27, 2008 10:58 PM
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This is a very elementary question....but where are they getting the money to bailout Wall street?
With a 9.8 trillion dollar debt already, they are essentially borrowing the money to bail out Wall St., right?
Robbing Peter to pay Paul.
Or maybe just print more currency...
(Maybe they should all enroll in Accounting 101 again...on the other hand they wouldn't get it the second time around)
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By
stratoman @
Saturday, September 27, 2008 7:27 PM
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Hello all again,
Sorry for the money typo on my last email, but I think you get the picture. American people deserve the bail out.
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By
stratoman @
Saturday, September 27, 2008 7:19 PM
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Dear Newt and fellow Americans,
I'm against the $85,000,000,000.00 bailout of AIG. Instead, I'm in favor of giving $85,000,000,000 to America in a "We Deserve It" Dividend.
To make the math simple, let's assume there are 200,000,000 bonafide U.S. Citizens 18+. Our population is about 301,000,000 +/- counting every man, woman and child. So 200,000,000 might be a fair stab at adults 18 and up.
So divide 200 million adults 18+ into $85 billon that equals $425,000.00.
My plan is to give $425,000 to every person 18+ as a "We Deserve It" Dividend.
Of course, it would NOT be tax free.
So let's assume a tax rate of 30%.
Every individual 18+ has to pay $127,500.00 in taxes.
That sends $25,500,000,000 right back to Uncle Sam.
But it means that every adult 18+ has $297,500.00 in their pocket.
A husband and wife has $595,000.00.
What would you do with $297,500.00 to $595,000.00 in your family?
Pay off your mortgage - housing crisis solved.
Repay college loans - what a great boost to new grads.
Put away money for college - it'll be there.
Save in a bank - create money to loan to entrepreneurs.
Buy a new car - create jobs.
Invest in the market - capital drives growth.
Pay for your parent's medical insurance - health care improves.
Enable Deadbeat Dads to come clean - or else.
Remember this is for every adult U S Citizen 18+ including the folks who lost their jobs at Lehman Brothers and every other company that is cutting back. And of course, for those serving in our Armed Forces.
If we're going to re-distribute wealth let's really do it... instead of trickling out a puny $1000.00 ( 'vote buy' ) economic incentive that is being proposed by one of our candidates for President.
If we're going to do an $85 billion bailout, let's bail out every adult U S Citizen 18+!
As for AIG - liquidate it. Sell off its parts.
Let American General go back to being American General.
Sell off the real estate.
Let the private sector bargain hunters cut it up and clean it up.
Here's my rationale. We deserve it and AIG doesn't.
Sure it's a crazy idea that can 'never work.'
But can you imagine the Coast-To-Coast Block Party!
How do you spell Economic Boom?
I trust my fellow adult Americans to know how to use the $85 Billion.
We deserve the "We Deserve It" Dividend more than the geniuses at AIG or in Washington DC.
And remember, The Birk plan only really costs $59.5 Billion because $25.5 Billion is returned instantly in taxes to Uncle Sam.
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By
purple @
Saturday, September 27, 2008 6:50 AM
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Good ideas from meicholtz and Ed Hogan.
If we're going to help anyone out, it makes the most sense to help the people who were taken advantage of with bad loans. People have the right to expect that usual and customary business is being conducted. Lots of these home mortgages were set up to deliberately trap people, which constitutes a violation of public trust. Maybe the perps (banksters and brokesters) ought to be fined and the fines used to help their victims.
I hope someone influential will read Ed Hogan's suggestion. In general we could use more of a WWII attitude all around.
Don't know if it's deliberate or not, but the House Republicans' dissent could last just long enough for the markets to correct themselves.
My Alabama senator, Richard Shelby, has my vote for sure.
The Paulson plan has no checks and balances!!! Boy, the stuff some people try to get away with. Good that America is saying "no."
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Ed Hogan @
Friday, September 26, 2008 8:26 PM
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I’m 81 and remember during World War II when I was a young boy, they used to sell war bonds and they sold stamps and put them in a book. For $18.75 you got $25.00 redeemable in 5 years.
Why not propose a Freedom Bond program for the bail out where the government gives a 5% guarantee on bonds that perhaps begin at $50 or $100, so everyone can participate. I personally would buy $100,000 worth of government bonds with a 5% return in 5 years.
Just a thought!
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By
rsslllss @
Friday, September 26, 2008 6:55 PM
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i want to see newt's plan put in action and i want to see barney franks put in federal prison, for a long, long time.
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By
goptraci @
Friday, September 26, 2008 2:30 PM
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Help me help you! What else can I do? I have called and emailed all of my state senators and representatives and have sent an email to John McCain telling him that I do NOT want to bail out wallstreet. I do not want to pay for this mess and I do not know what else I can do to make sure my voice is heard while all those folks on Capitol Hill are in a rush to get some billion dollar legistlation pushed through. What else can I do?!
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By
ericrobinson @
Friday, September 26, 2008 12:04 PM
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Oh, I thought, from the title, that it was going to be about the public education system! I keep having this weird dream. Charleton Hesten strikes his staff on the ground, and the Atlantic Ocean rises up and cleanses the earth of Washington, DC, thus saving the American people from further generations of those parasites and criminals.
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By
turtlehead @
Friday, September 26, 2008 11:19 AM
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I have spent the first 15 years of my adult life being fiscally responsible, depriving myself and family of frills, to get out from under the banks. Now there is light in the tunnel, and the Fed Government wants to bleed me for mope, sorry this is close to a last straw. If we pay this money, I will be working to feed the banks for the last 15 years of my career. I support the large irresponsible banks to be absorbed by the thousands of responsible banks throughout the country. NO Bailout for irresponsible Bankers and Homeowners!! My local credit union has a net worth to asets ratio of 12.75%. They may be interested in picking up some of the better assets from these large banks. I'm certain everyone's local bank is in as good a shape. No bailout for Billionaire Bankers!!
I'm sure Warren Buffet is concerned about loosing his billions of investments. That sounds like a crisis for him, but not for me down here in small town America. No Bailout for Billionaire Bankers!!
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By
Anonymous @
Friday, September 26, 2008 1:55 AM
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Does John McCain want middle-America's vote? Well here's some of what he can do to get it:
1. If he's a maverick/reformer, let us know about the positive vision he has for change in America, from main street to Wall Street via change in government. Give the voters a clear and concise expression of his rationally optimistic view of what America would look like 5 years into his presidency.
2. Does he have a good idea of how the economy works? Express his economic/financial literacy-- & here's a FOOTSTOMPER ISSUE if he is truly a reformer-- McCain needs to champion this reform-- making Americans on main street, in government, and even many on Wall Street FINANCIALLY LITERATE. Show that if the majority of Americans don't learn to be financially literate, individuals as well as the country will suffer great economic hardship even worse than what we're seeing right now.
3. Give us a sense of what he will do to restore trust, in government, in financial institutions, in corporate America, and in our nation's role as a world leader. Some of this will involve alert oversight and fierce enforcement of current laws and laws yet to be passed-- as a lawmaker he could tout his knowledge of the process and of working with the other party. When it comes to those who have broken the trust, McCain needs to show us how tough he will be --he could vow to give transgressors the same treatment he got in Hanoi --a harsh (yet not cruel) prison term.
4. Is he truly revolutionary? Then why not take an idea from those who support his adversary and make it his own? I'm talking about a full-scale adoption of Tom Friedman's proposed development of energy technology, where America's ingenuity is leveraged to create a full spectrum of cheap and ample energy. Does McCain have what it takes to kickstart America's way to energy independence? (Energy Independence = severely reduced threat from dangerous oil-rich foreign regimes). Will McCain/Palin champion a complete mobilization of our country to be a world leader in technologies that allow cheap & plentiful power supplies and the resulting green effect on both the environment and the economy? (cheap renewable & reliable power = engine of economic growth) Are they willing to take on the status quo to put us on the way to a "New Clear Day?!" (NUCLEAR = green and renewable)
5. Middle-Americans still believe the United States has and should continue to build on its leadership roll in the world. How would the McCain/Palin administration do this? And by the way, the above items are a great place to start: RESTORED TRUST, FINANCIAL LITERACY, ECONOMIC AND ENVIRONMENTAL LEADER THROUGH ENERGY TECHNOLOGY DEVELOPMENT.
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By
CowboyJoe @
Thursday, September 25, 2008 7:27 PM
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Once again John McCain has demonstrated his love for AMERICA. He is genuinely concerned about the people and our Country. It is NO SURPRISE that he would suspend his campaign to put the serious matters of AMERICA first.
Sharp contrast with Barack Obama. Obama has yet to show his genuine concern for the goodness of this great Country. How could he? He was not brought up that way. He's been a Radical Socialist all his life. To this day, he has not yet seen the light.
The facts are crystal clear for anyone to see. Nowadays it just takes a few strokes of the keyboard to do the research. Thank God. I could not imagine just taking the word of the NY TIMES and ASSOCIATED PRESS.
John McCain is an Incredible American. He is a true PATRIOT and I am confident that should he become President, the Greatest Country in the World will be in great hands.
John McCain will put Country First. There is no doubt in my mind.
Barack Obama.......Country Last !!!
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By
jdubyahoyt @
Thursday, September 25, 2008 1:16 PM
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Mr. Speaker,...
10 minutes after you announced that you were not running for President last year (on Solutions Day), I registered the domain http://www.Newt2012.com. I want you to have it and use it!! Let me know when you need it and it's all yours.
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By
klattu @
Thursday, September 25, 2008 1:45 AM
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Why you did not run for President was a big disappointment for me. I know you would have had stepped into a corrupt political system, and changing it would be almost impossible. I still think you could have made some changes for the best in the long run. I think you are far more qualified than either candidate we have to choose from. I feel if you had run and took your message to the people, you would have won "hands down". I do hope you consider running in the next election, if we still have elections by then! The way it's going, we will no longer have a choice to vote......................the politicians will elect whomever THEY choose!
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By
jdenny @
Thursday, September 25, 2008 12:58 AM
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Newt, love you're new "Newt TV". You should either temporarily release a bunch of your older speeches on the the new player, or start a "speech of the week" where you feature one of your older speeches in the player. There is much of your old work that I miss: Cooper Union, GW debate with Kerry, your AEI speeches, etc.
P.S. Newt I appreciate you standing up to this bailout. If you want another plan, Anna Schwartz(Friedman's old partner) offered a good plan a couple months ago that is featured on CATO's website back in the daily audio podcasts in May.
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By
shauner @
Wednesday, September 24, 2008 7:41 PM
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The Trinity Free Market Plan to save American Financial System
Americans offer 1 Trillion Dollars in bailout cash for any company that wants to borrow the money. In return, every single American Civilian(300mm of us) gets 1 share of stock worth $3,333.
Companies who Opt-in to this program are held accountable to a preferred stock 10% dividend, until they pay back whatever amount they borrow.
The only oversight provided by the Federal government is, when a company can’t pay the 10% dividend, the assets are frozen, liquidated, and put into a Trust, to continue funding the dividend until the owners(American Civilians) decide to cash in the stock.
How to fund this program….
A) 1/3rd of the program is funded through an across the board cut of Federal Government budget. Every program, starting with congressional salaries, staff, benefits is cut. Including Education, Defense, Energy, everything. This would be a reset of the baseline for those budgets going forward down by 300+ billion annually. The cuts would be directly proportionate to the percentage of the federal budget currently used by those programs. Medicare, Medicaid, Medicare B, etc. would get the biggest cuts. (presuming they are the largest portion of the federal budget)
B) 1/3rd of the program would be funded through printing of new money. Hopefully the offset of the federal spending would be enough to offset the deflation in the value of the dollar.
C) 1/3rd of the program would be to sell mineral rights for offshore drilling or potentially ask the States to fund, proportionate to the amount of delegates in the state, and then the states could fund this through offshore drilling, or government budget cuts.
NO NEW TAXES and NO NEW GOVERNMENT OVERSIGHT
The People take ownership, if the people are going to pay for this.
Finally, the cost of running the program, printing the stocks, mailing, legal fees, etc. would be paid for by the exec’s who run AIG, Fannie Mae, Freddie Mac, etc.
Not perfect, but hopefully a start…..
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By
eddy68 @
Wednesday, September 24, 2008 1:55 PM
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Also, what is Sen. Dodd doing presiding over this hearings? Any senator who had or has in any way, shape or form have ties or communication with these firms should not be allowed to seat in this hearings. There is conflict of interest and is clearly...UNETHICAL!!!!!!
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By
eddy68 @
Wednesday, September 24, 2008 1:49 PM
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Mr. Speaker, is there any way that a "No to Gov't Bailout" action be taken? It is not fair for me and for the others who exercised restraint and good judgement not to buy a home because our income is not enough to end up "paying" for others error in judgement or arrogance to do so. Today, in the news, homeowners are protesting asking fo their piece of the $700 billion bailout. They have some nerve to do so! Ignorance of the law is no excuse of the law! They knew they cannot afford it, they knew they were signing for subprime mortgages yet, they took the risk. How many times if I may ask have these homeowners borrowed against the equity of their homes on top of everything? Let the companies and every entity who contracted in these bad mortgages sit down, restructure these loans in a manner where the people concerned will be responsible to settle these accounts in a manner they can afford. Not pass the burden to innocent, responsible taxpayers. Offer tax breaks for firms who are willing to do so!This plan is totally absurd in the whole sheme of rewarding and re-rewarding willing participants!
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By
meicholtz @
Wednesday, September 24, 2008 7:00 AM
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BAILOUT Alternative:
Wall Street is hurting due to mortgage loan defaults.
Main Street is hurting due to spiraling foreclosure rates.
Consider this simple alternative:
1. The Federal Government should allow participating Wall Street firms, and bankruptcy judges to reduce mortgage loan balances in order to keep families in their homes.
2. This action will stop foreclosures immediately - and normalize home values.
3. This action will immediately convert non-performing loans into performing loans - and improve the balance sheets of the troubled Wall Street firms.
Why this approach?
a. It will cost less than $700 billion.
b. It can be implemented more gradually.
c. It addresses the root problem WITHOUT rewarding the people who caused the problem.
Unnatural? Sure, but no more unnatural than sendin $700 billion dollars to the same people that fleeced America. If someone is going to benefit - let it be the taxpayers - or your neighbors in trouble - not the greedy corporations.
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By
Tusculum @
Tuesday, September 23, 2008 11:16 PM
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Thanks for the selection of links, and your opinions, Mr. Gingrich!
Just a few weeks ago, I went on a cruise from New York Harbor, and noted all the new construction in process from Central Park South and below. I also took note of all the yachts berthed at Manhattan and across the river in New Jersey.
Quite impressive they were, some being bigger than Henry Hudson's vessel...
And then, we have the present financial meltdown.
Now, instead of me cruising from New York, will my 'liquid funds' go to pay for one of the owners of the aforementioned yachts to continue corporate adventures in bad 'illiquid' paper, and yes, to keep that boat of theirs afloat?
If we (Congress) does the bailout, 'do we the people' acquire shares in these businesses? I think not, let alone our piece of any boat.
I really doubt this financial tsunami just 'popped up', those corporate types knew where things were headed.
We have a nation born in the concept of Self-Government. That means to 'govern oneself in all matters, especially in business, as the personal well-being of all those families affected by the enterprise is at stake.
Our Founders would have regarded anyone who, and I stress 'knowingly' create what we presently face, as a form of economic treason against their country, state, community, and even their own family.
Perhaps revisiting the requirements of liberty is in order.
I perused some of Benjamin Rush's works in a Princeton Library a while back. His personal copies, bookplate and all. Quite impressive, to handle the very same volume this Signer of the Declaration wrote and owned. Perhaps he has some sage advice. One title, "Essays, Literary, Moral and Philosophical (1806) stresses the foundation of a self-governing Republic.
Discussing modes of education, Rush states: "I beg leave to remark, that the only foundation for a useful education in a republic is to be laid in Religion. Without this there can be no virtue, and without virtue there can be no liberty, and liberty is the object and life of all republican governments."
And for Rush, who also was a principal of the American Bible Society, and his contemporaries, that was a settled issue, in some form a requirement in most early State constitutions.
Why? Rush sums it up: "My only business is to declare, that all its doctrines and precepts are calculated to promote the happiness of society, and the safety and well-being of civil government."
No matter how all this happened, for the principals involved who KNOWINGLY deceived the gullible, and now seek to plunder the peoples' wealth, there are a few Commandments that Rush would point out that deal with it.
In the end, by taxes, individual Americans will be forced to pay for someone else's mortgage. Sounds like plunder to me...
And for those who created this unspeakable disaster, examine yourselves...try to make it right without the taxpayer bearing the burden. Lets see how good you are as financial geniuses. Otherwise, your own children may even suffer in this one!
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By
purple @
Tuesday, September 23, 2008 4:28 PM
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Thank you, Newt, for posting links to all these articles, and for your own article posted on American Solutions. I appreciate having a central website from which I can consider a sensible conservative point of view.
A comment on the American Solutions article brings up a really good idea -- teach economics in the schools. This past week I've been taking a crash course in economics while I read about what's happening in the financial sector. It's a complicated and confusing topic. It would be great if Americans knew more about how all this works.
I'm encouraging all my friends to call Congress this week, but what do we say? What is the solution? I'm really not sure, and the more I read, the more I wonder.
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By
John Ansell @
Tuesday, September 23, 2008 4:19 PM
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http://michellemalkin.com/2008/09/23/kill-the-bailout-newt-gingrich-gets-on-board/#comments
Team Newt, take note of the comment section. Seems people would like a Newt/Palin ticket in 2012. I prefer 2008 but I'll take 2012.
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By
bmoon01 @
Tuesday, September 23, 2008 2:50 PM
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Mr. Speaker
In many states it is unlawful for someone holding a CPR card to fail to render aid if they happen upon an accident. I think you should be held to that same standard and be compelled to run for president. :)
Seriously, I appreciate you putting a public voice to the concerns that I, and many of my friends have.
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By
Ridge1 @
Tuesday, September 23, 2008 2:13 PM
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You are the only person that makes any sense these days, Mr. Speaker. Thank you for all the great work you're doing in fighting for real American values and principles.
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By
BobWork @
Tuesday, September 23, 2008 10:46 AM
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Mr. Speaker,
I appreciate your lone voice in accurately describing this financial crisis. The other "leaders" promote a solution that is contrary to fundamental American principles of responsiblity and equity.
More govt is not the solution for these errors. Many are too conditioned for gov't to take care of their every difficulty. We must take the medicine now and learn from our mistakes.
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By
Countrylawyer @
Tuesday, September 23, 2008 10:14 AM
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These copmpanies made bad choices and we as investors choose not to invest by investing elsewhere. Now-we will be forced to invest in them through this bailout wwith our tax dollars -an option we already decided against in the marketplace.
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By
Conservalicious @
Tuesday, September 23, 2008 1:18 AM
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This article is the only one that I've read that actually makes sense. I never thought I'd see the day our country went Socialist, but I fear it's right around the corner. Why is Bush so weak on this?
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By
MERGENTHALER5 @
Monday, September 22, 2008 6:21 PM
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NEWT,
YOUR THE ONLY ONE THAT MAKES ANY SENCE. PLEASE HOOK UP WITH POWER BROKER'S LIKE ROMNEY AND OTHER BIG UNELECTED TO STOP THIS MADNESS.
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By
Wally @
Monday, September 22, 2008 3:38 PM
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The Global Socialist in Washington See the Free Market Economy as Just One Obstacle "Standing In Their Way" From Dominating and Then Reducing the United States to that of a 2nd or 3rd World Country Run by the Elite Class.
The U.S. Military, Conservatives, Talk Radio, Anti-Amnesty Crowd - just to name a few - stand in the way of the Global Socialist Agenda as well.
We all know that Obama, Barney Frank, Nancy Pelosi, Oh-God! Its Dodd are "Globalist" - Pacify the Poor - Give them Houses they can't afford - wreck the economy and "take-over".
Nikita Khrushchev was right - "Rot From Within". Marxist like Obama love it but can't say it.
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