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| Michele Bachmann should be a bit ashamed of herself for her recent bad-mouthed Newt over Fannie/Freddie. She KNEW better. She knew that Gingrich slammed Fannie/Freddie for mismanagement in 2008, weeks before the financial meltdown that Fannie/Freddie largely caused. She knew this because she stood on the same stage, and she introduced him! It has been YEARS that Freddie/Fannie have been known to be corrupt. And Gingrich was pointing out HOW CORRUPT they were, even in 2008. Here is a transcript of Newt saying on CSPAN, how horrible Freddie and Fannie were managed and they should be dismantled... "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? 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. |
( Gingrich-haters, please do not address or reply to me.)