....Newt was appalled and disgusted at the amount of dictatorial power that Secretary of the Treasury Henry Paulson tried to grab for himself at the outset of the financial crisis....... However, he reluctantly supported a scaled-down plan AFTER Paulson told the country that the world financial system was going to collapse without this emergency support......and so did many others who intitially would not support it.
Newt says... that the reckless, secretive and opaque way in which the Federal Reserve and the Treasury Department administered the bailouts has been an affront to democracy..... The Fed was picking winners and losers, using several emergency lending facilities to make all types of loans to connected parties, including to a bank owned by the Libyan government.
They were all wrong, just like Newt. Funny, Michele Bachmann wasn't sucked in by Paulsons BS, she opposed TARP from the start. Of course, she must have been wrong because everyone knows Newt is the smartest one in the room...