Holy Shit -- Hell HAS frozen over!

[Donnachaidh]

http://www.addictinginfo.org/2011/11/09/newt-gingrich-calls-for-reinstating-glass-steagall-admits-deregulating-the-banking-industry-was-a-mistake/

Newt Gingrich Calls For Reinstating Glass-Steagall, Admits Deregulating The Banking Industry Was A Mistake

As Speaker of House during the 1990s, Newt Gingrich and the Republican Party were instrumental in killing the Glass-Steagall Act, which separated investment banks and traditional lending banks. The combining of these banks in the wake of the repeal of that regulation led to the economic collapse in 2008. In an interview on ABC with Jake Tapper, Gingrich admitted that deregulating the banking industry was a mistake. Here is the exchange between the two.

TAPPER: One question I want to ask has to do with your call to repeal the Wall Street reforms, Dodd-Frank. I don’t think a lot of Americans would understand why anyone would want to repeal regulations that happened after this calamity on Wall Street. If you disagree with those regulations that were imposed, do you agree at least that there should be some new reforms or regulations?

GINGRICH: Sure, there should be very decisive reforms. I think, in retrospect, repealing the Glass-Steagall Act was probably a mistake. We should probably reestablish dividing up the big banks into a banking function and an investment function and separating them out again.

Glass-Steagall became law in the wake of the Great Depression. It established regulations that divided investment banks and lending banks so that banks would not get too big, nor would they be able to gamble with money used for lending. Reinstating the regulation would break up the big banks such as Citigroup and JPMorgan Chase. When Newt Gingrich says that deregulating the banking industry was a mistake, it’s worth taking seriously. A Republican admitting to a mistake is very rare so hopefully this admission will spur Democrats and Republicans alike to make reinstating Glass-Steagall a reality so that big banks will never again threaten the health of the American economy.

More at the link --

Of course, Newt's desperation for ATTENTION probably prompted that comment. I predict a quick *I didn't mean that* once this hits Fox noise :rofl:

[HopeHoops]

1. Is he drunk again?

[Amaril]

13. Ok, that made me

:rofl:

Isn't Newt Gingrich coming off as an "intelligent" voice in the GOP one of the signs of the apocalypse?


Edited to fix typo :blush:

[HopeHoops]

16. No, that's like finding a pill bug that runs to hide again while all the others run around.

[The Backlash Cometh]

2. Though it's always good when your opponents recognize their mistakes,

there is still something not right with allowing them to, again, ride point to fix the problem when the whole system collapses.

I see this a lot. People who create the problem either jump to the front of the investigation whey they can hide the evidence of their wrong doing, or, like Gingrich, admit their mistakes and get political credit for fixing the problem.

[Frustratedlady]

3. He's seeing a light at the end of the tunnel...

He's standing back and waiting for the others to self-implode, which they are doing in slow motion. Then, he hopes to step up to the plate and be the next Repug nominee for POTUS.

[Scuba]

6. A plausible scenario. Thanks.

[SammyWinstonJack]

7. Probably, or Jeb.

:puke:

[iris27]

21. Yeah, that's what I'm afraid of. I keep thinking of how terribly McCain was polling

at this time in 2007, and he was having the same financial and staffing issues, too.

[ehrnst]

4. I got a 20 says he'll deny he said it once the stuff hits the fan. Just like

the 'social engineering' remark.

[liberalhistorian]

5. OK. Now I really am officially

in bizarro-world. Until he backpedals, of course, which should be in about one or two hours.

[zbdent]

8. Probably because the media has made sure to tie repealing G-S to

Bill Clinton, not just the push by the Republicans in the House and Senate having anything to do with it ...

Of course, because Bill Clinton signed it, it's his fault ... but when George W. Bush signed something, it was that c*nt Nancy Pelosi's fault (Republican's use of the c word, not really mine)

[canoeist52]

9. Which way is the wind blowing?

[Doctor_J]

10. What a miserable piece of crap

Degenerate loser who will say anything for a few votes. Unrec anything that has to do with this festering boli on America

[Javaman]

14. +1

he is the consummate political whore.

[IDemo]

11. Well, that means the commie has no chance at the nomination now

or that is how the freeple will view it.

[progressoid]

12. Wait, what?

Somebody switched his meds.

[nadinbrzezinski]

15. I will credit OWS for that

:-)

If there is anything newt is, well it is having finger in air and wind blowing.

[AntiFascist]

22. Exactly, but of course MSM will be clueless n/t

[SpiralHawk]

25. + 1

yuppers

[Orsino]

17. Using what Congress?

This is a safe enough position to take, since no such bill would ever reach his desk.

[lumberjack_jeff]

18. At some point the handwriting on the wall becomes so large that even Newt can't miss it. nt

[Fire Walk With Me]

19. Hey, it's Newt Gingrich...for me to poop on!

[Angry Dragon]

20. As posted on DU in the last few days Rep. Paul Ryan

has agreed with him


http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=439&topic_id=2274531

[lindysalsagal]

23. Where were these "conservatives" when we needed them? In line with their hand out,

getting their quick pile of dough. Now they want it put back. Now that Obama's gonna win: The game is over for the cheaters.

Gonna have to retire and play golf in florida. No way to keep the shell game going. This actually scares me: It makes me think another huge economic shoe is gonna drop, if they're all running from the casino that was rigged for them.

[dreamnightwind]

24. Yes, that shadow over this land

is either a cloud that will blow over, or a foot that will smash us. I've been smelling shoe leather myself, hope I'm wrong.