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Gingrich resents government intervention in banking sector

March 26, 2009 by  

Newt Gingrich resents government intervention in banking sectorFormer Speaker of the House Newt Gingrich has called on the government to return to capitalism’s basics by allowing failed companies to go into bankruptcy instead of pumping taxpayers’ money in to keep them afloat.

Gingrich’s call to abandon the strategy includes AIG which has paid its executives $165 million in bonuses while teetering on the brink of collapse for months.

"Thanks to the Bush-Obama-Geithner policy of bailing out failing companies, we now have the worst of all possible scenarios – a taxpayer subsidized, government supervised private company," he wrote in his weekly The Newt Gingrich Letter.

"[It has created] an unsustainable public – private hybrid that is too public to make its own decisions and too private to be responsible to the taxpayers that are keeping it alive," he added.

Despite the call, Treasury Secretary Geithner returned before Congress today to ask for greater regulatory powers over financial markets, including big hedge funds and derivatives trading.

On Monday, the administration unveiled a plan to buy back toxic assets weighing down banks’ balance sheets that may cost more than $1 trillion in order to stave off their collapse and restart the flow of credit.

The move follows several earlier rounds of bailouts which, as of mid-March, have seen $152.6 billion invested in nearly 500 institutions, not including giants like AIG, Citigroup and Bank of America.

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  • Donna Angell Bishop

    Someone needs to do something to stop this administration from grabbing power at one of our countries weakest moments. Taking advantage of all of us, we the people are the government, those stooges in D.C. have forgotten they are our representatives and we put them in office. They owe us big time. Yes, I’m appalled at the bonuses and perks that private companies pay out for “talent.” But a contract should be a legal, binding document you can take to court, not something congress can sweep under a rug until a contract profits them. And to illegally tax those same bonuses, whoa, we declared a war over taxation without representation. How can we forget our own history, principals and values? I don’t recognize the country I grew up in . I’m an expat, living in Costa Rica for the past six years and don’t have any plans of returning anytime soon. Yes, Costa Rica is a socialist/democratic society and I used to consider our political policies in the States much more superior, not any more, we’re just as corrupt, maybe more so. I’m a Capitalist and to me that makes me more American than anything, I don’t like giving my hard earned money away to “special” groups who just hold their hands out for more and that’s what our country is becoming, a 3rd World developing country.
    Newt for President 2012
    Donna Angell Bishop

    • Valverde

      Unfortunately, they have already grabbed power. They are in the process of consolidating it. Unless people start really getting mad, it is going to happen. “I am mad as hell and I’m not going to take it any more.” That should be our catchphrase.

  • Jerry Mobley

    left out Paulson and Bernanke and any governnment official elected or appointed that accepted money from Fanne Mae , Freddie Mac, or AIG. All these people need to be tried on criminal charges for robbing taxpayers while filling thier own pockets illegally.

    Wasn’t Newt Gingrich caught with dirty hands while Speaker of the House, from which he resigned in disgrace. I do agree with him on this issue, but I wouldn’t want him in the highest office of this country or any elected office for that matter.

    Ron Paul is the man I beleive would lead this Country back to prosperity, using Biblical truths as rules to govern by. I support him and his house resolution that would audit the Federal Reserve to make known the real culprits in the fall of our economic system.
    http://www.ronpaul.com

    • Valverde

      Jerry, he wasn’t caught with “dirty hands” and he did not “resign in disgrace”. He was forced out by those in his own party who did not like being “told what to do”, though that is why he was elected Speaker in the first place. The Speaker of the House needs to be someone who is firm and has big shoulders and can twist a few arms, if need be, and this is what his fellow Republicans disliked. Well, they got rid of him and Tom DeLay came on the scene and was ousted for the same reason as Newt. The Republilcans have reaped the harvest of their egoes and until they realize that not everyone can be number one, they will never have a party that means anything. In other words, they have no leader and have gotten rid of their leaders so now they are a bunch of twits.

  • http://seretisnotes.com Tim Seretis

    BANK OF INTERNATIONAL SETTLEMENTS
    We wrote this way back in 2006, and look at what is happening today!
    18-03-2006, 07:15 PM
    Get Ready For a One World Currency! On 18 March the World Economic Forum will take the next step in the drive to reform the international monetary system. In cooperation with selected finance ministries and central banks of G-20 countries, a roundtable will take place in Adelaide, Australia. The objective of the roundtable is to identify new arrangements that will ensure a more smooth and equitable international financial system in the 21st century. International Monetary Convention Project The wave of financial crises in the last decade has generated a consensus that the international financial system needs to be reformed. But there remain profound disagreements among policy makers and the private sector concerning how far and deep the reforms should go. To capitalize on this opportunity for progress, the World Economic Forum and the Reinventing Bretton Woods Committee, in co-operation with selected finance ministries and central banks of G-20 countries, are organizing a year-long series of public-private roundtables on the future of the international monetary system. This project seeks to provide input into the deliberations of policy-makers by convening them for off-the-record sessions with some of the world’s leading private sector and academic authorities. Some of the two-day roundtables are organized around G-20 meetings, in cooperation with the host government. Each roundtable is supported by research papers written by prominent academics, officials and private sector participants. This will culminate in a final publication to be issued in late 2006 that will include a summary of key findings from the roundtable series as well as a selection of the research papers prepared for the project. For the edification of SERETISNOTES.COM readers, we would like to offer a short explanation of this “International financial system.” When most people think of “international finance system”, the biggest banks that come to mind are the IMF and the World Bank. And certainly these entities are in the upper echelons of the international monetary system. But there is a very little known bank, which since World War 2, has ruled over and set policy for all central banks on the earth. This bank is called the Bank for International Settlements. The history of how this bank that no one knows much about happened to come into power over all the banks of the earth is a story best told by its own history page: The establishment of the BIS The Bank for International Settlements was established in 1930. It is the world’s oldest international financial institution and remains the principal centre for international central bank cooperation. The BIS was established in the context of the Young Plan (1930), which dealt with the issue of the reparation payments imposed on Germany by the Treaty of Versailles following the First World War. The new bank was to take over the functions previously performed by the Agent General for Reparations in Berlin: collection, administration and distribution of the annuities payable as reparations. The Bank’s name is derived from this original role. The BIS was also created to act as a trustee for the Dawes and Young Loans (international loans issued to finance reparations) and to promote central bank cooperation in general. The reparations issue quickly faded, focusing the Bank’s activities entirely on cooperation among central banks and, increasingly, other agencies in pursuit of monetary and financial stability. Now, if the reader has been diligent to educate themselves on the “Young Plan”, then they know that the “Young Plan” was introduced because the “Dawes Plan” of World War I had failed! Yet, the astute reader will note that the Young Plan was a reform of the failed Dawes Plan. And the astute reader will note that the reforms of these international monetary systems were built upon the first World Wars, and mirror the reforming of the League of Nations to the United Nations. So then, how did this international monetary system, established to handle war reparations, spread its authority out over every central bank on the earth? Well, that is why it is called WORLD WAR, dear reader. Now the planners who enacted the first stage, “the Dawes Plan”, and who implemented a reform by merit of the Young Plan”, have decided to implement reforms yet again. The natural course of events that this history reveals to the observant eye can only bring one conclusion to the thinking mind: that there is another World War in the making, yet another “reformed U.N.” institution of governance, with the cooperation of all the leaders of the nations on earth to make war. That is obvious. But what has not been obvious is where the real starting point of all this nonsense begins. Some say, “It’s the oil!” Others say, “It’s the economy, stupid!” And SERETISNOTES.COM says, “It’s the BIS!” The oil market, the economy, and all policies pertaining to the globalization of national economies, begins in the BIS.This is where Alan Greenspan, former Chairman of the Federal Reserve (the private bank that is the United States’ central bank) reported to, and was issued the policies that he would then relay to Congress and Wall Street for them to implement. And for all the anti-American’s out there, who persist in believing that the USA is imperialist and rules the world, please note that the BIS is not ruled by Americans, nor do we hold the most powerful and prominent seats, nor do our votes count for more than everyone else’s in the BIS.Once these basics are understood, then you will understand the far-reaching consequences of the International Monetary Convention Project. Every so-called “reform” results in an expansion of power of the international government, sapping away the sovereignty of individual nations, and forcing them to rely upon this foreign, global government for economic viability. What are we saying, that putting Hitler and Saddam out of business was bad? Not at all! These things were necessary, which is why the we the people were convinced to do what it takes to remove those evil men! But IF putting those horrifying tyrants out of business was done not to truly free people, but to enslave them through deception and misdirection so they would not understand that they are frogs sitting in boiling water, then what good has really been achieved? What about when we find out that there is good reason to believe the Pope colluded with Hitler, or the U.N. was running that Oil-For-Food program in collaboration with Saddam? It is little wonder that beastly organizations like white power, black power, Islamic terrorist organizations, and so on manage to recruit followers, because of the utter confusion that has been created in the minds of people. We have all known we are being deceived, and everyone has different stories (many very dangerous and evil, and the most popular of which is used for propaganda purposes to sway public opinions!) on what the substance of that deception is, but now we can see where the buck really stops: the BIS!Then we realize that the Dawes Plan was not a failure at all. It was a successful first step toward everything every tyrant ever wanted and never fully achieved in history: Complete and utter world domination. Even Islam has not been this successful, although it is working double-time to have its own system of governance be King of the Mountain in this sickening war to rule all the earth. And we realize the Young Plan has not failed, but rather has been very successful. Because instead of doing away with the U.N., doing away with its root foundations (the BIS and its affiliated networks), the entire earth is conditioned by way of the media and the middle east conflict to accept yet a third, bigger, more empowered global government. And we are told that this cannot be stopped. We are told that globalization cannot be stopped. We are told that if we were to return to the gold standard, and return the power to mint US money away from the Federal Reserve and back to Congress, the entire world’s economy would collapse. Yet, we also know that the entire thing is a house
    of cards in the first place! What fear is truly keeping us from demanding real changes from our nation’s lawmakers?! SERETISNOTES.COM would like to hear YOUR feedback on this! DO YOU THINK IT CAN BE STOPPED, and if not, WHAT DO YOU THINK FREE PEOPLE SHOULD DO, WHILE WE ARE STILL FREE???We will be posting all your replies in a special document in our library for posterity and historical preservation! WE MUST MAKE PEOPLE AWARE!!

    TIM SERETIS
    efthimios1@verizon.net,
    http://www.seretisnotes.blogspot.com
    “TOMORROW BEGINS TODAY IN MAKING PEOPLE AWARE”

  • Joyce Evans

    Tim, thanks for this expose of some of the frightening powers that be.My son enlightened me a bit by having me watch “Freedom to Facism” on Loose Change some months ago.
    But do not be duped as to the Pope’s role in World War two. The Catholics in Germany were all at risk. His “children” were hostages there so to speak, and he was responsible for them and for trying to prevent them from further round-ups by Nazi forces. There were millions of Catholics destroyed in the death camps as you perhaps know. Try to get ahold of a book called: La Popessa for an inside look at the dilemmas faced by Pope Pius the XII during this terrible time. The Jews, many of them, by the way, have lauded and defended this Pope as rescuer of many Jews via shelter in the Vatican, a kind of prisoner state within Italy.

  • Bob Livingston

    Gingrich may be right in a perfect world but the forces of economic collapse have been set in order and the trend is nationalization of all banks. The government will not only bail out U.S. banks, but many other banks in the world.

    The whole world banking system is dependent upon the U.S. Federal Reserve printing presses.

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