In last night’s US Presidential debate, Newt Gingrich was asked whether he thought Wall Street executives should go to jail for the financial collapse. Gingrich responded,
“If you want to put people in jail, 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.
In Barney Frank’s case, go back and look at the lobbyists he was close to at Freddie Mac.
Everybody in the media who wants to go after the business community ought to start by going after the politicians who have been at the heart of the sickness which is weakening this country and ought to start with Bernanke.”
Newt is damn right. Frank and Dodd should be behind bars and so should Bill Clinton, who signed the trigger to all the mayhem into law, that being the Community Reinvestment Act that mandated that banks should make loans to people who couldn’t pay them back.
TrueblueNZ 
One response to “Newt Gets It Right”
So Newt blames a couple of Dems, what a surprise (I’m not saying they are not culpable along with Clinton). What about Angelo Mozilo, Joe Cassano, Hank Paulson, Franklin Raines, Alan Greenspan, Larry Summers, the people involved in repealing the Glass–Steagall Act? You could go right back to Regans Depository Institutions Deregulation and Monetary Control Act if you wanted to find the seeds of the crisis.
“who signed the trigger to all the mayhem into law” If you really think the Community Reinvestment Act was the trigger for the financial crisis, I don’t think you understand what took place. If you believe that Frank and Dodd should be in prison then all the people I listed above and more should be locked up with them.
LikeLike