"Governing & Political Change" held in St. Paul Minnesota, September 3, 2008Bachmann: The question is on Fannie Mae and Freddie Mac and the outrage and will it go private? or where are Fannie Mae and Feddie Mac going to go? Gingrich: Well, I think this is one of the great tests of reform- of a populist reform conservatism. There is ZERO reasons to bail out these two institutions. They have violated the fundamental principle of why they were created. And I did a fair amount of-... Let me be right up front... I did a fair amount of work with Freddie Mac, looking at it, consulting it, but not at a fiduciary level, but at a general public policy level. I am appalled at the degree of management irresponsibility that both places have had, and I think they should be treated precisely like a private sector institution, And the stockholders, and the senior management should fundamentally have to bear the brunt... I don't think you want to let them go broke, because they're enormous, and that has a BIG second and third order consequence on the system. But I think what you want to say, is as a consequence of their survival, they should be broken up, they should go thru the equivalent of a receivership, and everybody who was profiting from them should pay the cost of having failed. And the general taxpayer should NOT bear that burden. and I think that could be handled totally different. But there is ZERO reason, now that they've failed... I was perfectly happy to to not PUSH the issue, as long as they weren't failing, but NOW that they've clearly failed their fiduciary responsibility, there is zero reason for the average taxpayer to bail out these institutions. And their senior managements have been DISGRACEFUL in the mismanagement, particularly I think, of Fannie Mae which had huge, huge, internal problems in terms of accounting, in a way you can't quite understand,,, How could people run an institution THAT badly?
If I were Gingrich I would make a pledge that if elected I will never play golf.
But, but, but Michele Bachmann said Newt supported Freddie and Fannie.
Thank you, thank you, thank you. That’s what I’m talkin’ about. Absolute absolution.
Your post needs a thread of its own.
| To Michele Bachmann:
I like you. I like you a lot.
But you have been a U.S. Representative in Congress, representing a small portion of Minnesota, for less than five years, since January 2007.
That's still a little light on experience for running for President. But you're still young and you could be a stronger candidate in the future. Please keep up your good work!!
In 2008, you were apparently friends with Newt Gingrich, and you apparently invited him onto that same stage with you in Saint Paul. And you appeared to beam, and smile in approval as Newt blasted Fannie and Freddie.
So PLEASE tone down your current rhetoric against Newt, and please do not forget Romney is an abortionist, and an ObamneyCare and Gay Marriage advocate.
"We" who support Tea Party principles MIGHT want you on Newt's ticket for VP. And then, after eight years in Newt's administration, you could be ready to take over the reins, and continue after Newt demolishes and reverses this incredible Obama nightmare.
Newt’s consistency looks a lot better now.
Bachmann KNEW this and still went rabid on Newt? she is even lower in my eyes than before...
Great find—even more so, when you realize this was almost two weeks before the US financial house starting collapsing in Sept. 2008.
In 2007, when he was still working for Fannie and Freddie, Gingrich talked up their virtues.
In 2008, when his contracts with Fannie and Freddie ran out, Gingrich bad mouthed them.
And you are using this as something to admire Gingrich for?
That’s excellent and enlightening considering the “influence peddling” attack from Bachmann in the last debate.
ever notice that they ignored Gingrich when he wasn’t the front-runner? They first slimed Palin, then went after Cain and now Gingrich?
Get a grip.
Ubama and the rats want no mention of Fannie/Freddie. They can't believe the Republicans haven't done a more effective job of tying that disaster around the rats' necks. Sure, Dodd and Frank were told to take a hike because of their insidious collaboration with Fannie/Freddie, but the rats don't want to lose any more. Additionally, the specter of Franklin Delano Raines (one of Holder's people) still looms large. The rats definitely don't want anybody reviving that guy's story.