Not trying to get off topic but seeing your post has suddenly given me the urge to go hit up the McDonalds drive through for a number one with a root beer. You have officially made me hungry
If you do that, you will be officially participating in free market economics … capitalism!
Here is a transcript of Michele Bachmann and Newt Gingrich discussing Wall Street and the current economic difficulties.
Preceded by some explanation and intro:
Michele Bachmann laying the blame, economic problems, housing crisis at the feet of Barney Frank and Chris Dodd.
Karen Tumulty, Washington Post, co-moderator, said, “Congressman Bachmann, three years after the financial meltdown, Main Street continues to suffer. People have lost their jobs, they’ve lost their homes, they’ve lost their faith in the future, but Wall Street’s thriving. The banks not only got bailed out by the government they made huge profits and they paid themselves huge bonus. Do you think it’s right that no Wall Street executives have gone to jail for the damage?”
What? I heard that question, almost turned it off, what’s the point of watching this? It’s just another left-wing media template full of questions that are not gonna advance the ball whatsoever. Who’s out there saying Wall Street execs need to go to jail except the far-left fringe blogs? So they get to determine the questions that are asked. Anyway, here’s how Bachmann answered this infantile question.
BACHMANN: ** It was Congressman Barney Frank and also Senator Chris Dodd that continued to push government directed housing goals. They pushed the banks to meet these rules, and it began with Freddie and Fannie. If you look at these secondary mortgage companies, which the federal government is essentially backing 100%, they put American mortgages in a very difficult place. We had artificially low interest rates, Freddie and Fannie were the center of the universe on the mortgage meltdown, and we had lending standards lowered for the first time in American history. The fault goes back to the federal government, and that’s what’s wrong with Dodd-Frank. Dodd-Frank institutionalized all of these problems.**
That’s right on the money! And she said that in 44 seconds.
Brevity is the soul of wit.
And the look on Karen Tumulty’s face was one of total vacancy, deer in the headlights.
Tumulty had no idea what Michele Bachmann was talking about.
Later on Karen Tumulty again talking to Newt. “Speaker Gingrich, sounds like Congresswoman Bachmann does not believe Wall Street’s to blame for the financial --” Really? What’s your first clue there, Karen? “You’ve said that the current protests on Wall Street are, in your words, the natural product of Obama’s class warfare. Does this mean that these people that are out there protesting on Wall Street and across the country have no grievance whatsoever?”
GINGRICH: ** I think it’s perfectly reasonable for people to be angry. But let’s be clear who put the fix in. The fix was put in by the federal government, and if you want to put people in jail, I want to second what Michelle said, you ought to start with Barney Frank and Chris Dodd and let’s look at the politicians who created the environment, the politicians who profited from the environment, and the politicians who put this country in trouble.
**
CHARLIE ROSE: Clearly, you’re not saying they should go to jail?
GINGRICH:
Well, in Chris Dodd’s case, go back and look at the Countrywide deals. Barney Frank’s case, go back and look at the lobbyists he was close to at Freddie Mac.
[Perhaps Gingrich was alluding to those bureaucrats who made false statements under oath … Jamie Gorelick and Franklyn Raines … but then, they are Democrat Party operatives.]
Come-on, what was that like 5-years ago??
