Newt says reinstate Glass Steagal

[uscitizen]

I never said he was unapologetic for being "part of the reason for the economy being in the shitter" (which is a rather dubious claim to make, since we're talking about 15 year old legislation).

It's not dubious in the least. This is what a lot of people don't understand. Changes in economic policy don't necessarily have immediate effects, good or bad. Sometimes the effects develop over time. In the case of Glass-Steagal, its repeal allowed financial institutions to play risky games with other people's money. It was just about guaranteed that this would return to bite us sooner or later, but there was no reason to think it would have an instantaneous effect, and it did not. Fifteen years later, the odds caught up with the banks and the system crashed and burned.

The underlying problems in the economy actually go back to thirty-year-old legislative and administrative changes.

Bingo!

Someone else who thinks in terms longer than 4 years.

 

[uscitizen]

Changes in economic policy don't necessarily have immediate effects, good or bad. Sometimes the effects develop over time. In the case of Glass-Steagal, its repeal allowed financial institutions to play risky games with other people's money. It was just about guaranteed that this would return to bite us sooner or later, but there was no reason to think it would have an instantaneous effect, and it did not. Fifteen years later, the odds caught up with the banks and the system crashed and burned.

The underlying problems in the economy actually go back to thirty-year-old legislative and administrative changes.

I do agree with this. It takes time for the problems to mature and come to fruition. But to simply pin the entire thing on Newt for a single piece of legislation. Don't get me wrong, I'm not a supporter of his. I'm just trying to be reasonable.

It is a Kudo point for Newt. He did take some personal responsibility for his past actions.
that is something that 99% of republican politicians will not do.

And NO I am not implying that dem politicos do either, but they do not promote themselves as the party of personal responsibility.

 

[California Girl]

I never said he was unapologetic for being "part of the reason for the economy being in the shitter" (which is a rather dubious claim to make, since we're talking about 15 year old legislation).

It's not dubious in the least. This is what a lot of people don't understand. Changes in economic policy don't necessarily have immediate effects, good or bad. Sometimes the effects develop over time. In the case of Glass-Steagal, its repeal allowed financial institutions to play risky games with other people's money. It was just about guaranteed that this would return to bite us sooner or later, but there was no reason to think it would have an instantaneous effect, and it did not. Fifteen years later, the odds caught up with the banks and the system crashed and burned.

The underlying problems in the economy actually go back to thirty-year-old legislative and administrative changes.

Bingo!

Someone else who thinks in terms longer than 4 years.

Isn't that incredible. I say it and the left call me an idiot. A lefty says it and you agree. Can you say 'I am a partisan hypocrite'?

 

[uscitizen]

It's not dubious in the least. This is what a lot of people don't understand. Changes in economic policy don't necessarily have immediate effects, good or bad. Sometimes the effects develop over time. In the case of Glass-Steagal, its repeal allowed financial institutions to play risky games with other people's money. It was just about guaranteed that this would return to bite us sooner or later, but there was no reason to think it would have an instantaneous effect, and it did not. Fifteen years later, the odds caught up with the banks and the system crashed and burned.

The underlying problems in the economy actually go back to thirty-year-old legislative and administrative changes.

Bingo!

Someone else who thinks in terms longer than 4 years.

Isn't that incredible. I say it and the left call me an idiot. A lefty says it and you agree. Can you say 'I am a partisan hypocrite'?

I did not call you an idiot for this.
I actually have you on ignore and view few of your posts.

gonna neg rep me again?

 

[Truthmatters]

The funny thing is the right now has to back regulating the industry to defend Newt.


Im glad that they are starting to come to their senses for once.

 

[Mr. Shaman]

Does this mean you will throw Newt under the bus?

That would be a consideration only to someone small-minded like you who tends to generalize that all Republicans/conservatives agree with everything a particular Republican/conservative says or does.

Yeah.....how can we Libs/Progressives possibly forget the overwhelming HUE & CRY (from you Republicans/conservatives), during The Idiot Son's spending-spree??!!!

You (actually) think there's something honorable about being a silent-majority????

MOST people would consider that being LAZY-as-Hell!!!!!

Try no to break your arm, patting-yourself-on-the-back.

"To exercise power costs effort and demands courage. That is why so many fail to assert rights to which they are perfectly entitled -- because a right is a kind of power but they are too lazy or too cowardly to exercise it. The virtues which cloak these faults are called patience and forbearance." - Nietzsche, (1880)

"The only thing necessary for the triumph of evil is for good men to do nothing." - Edmund Burke

 

[blastoff]

I give Newt credit here. He pushed for legislation, he recognizes that it was a mistake, and he doesn't mince words over it. Comes right out and says we should reverse course, and is unapologetic about that reversal. I think it speaks well of him. And I agree with him on this issue, we should reinstate it.

gingrich admitting he was part of the reason for the economy being in the shitter.. and being unapologetic about it.... will play well in dem ads if newt gets the nom.......

Well good luck with that ad if it comes to it. But keep in mind no matter who the Republican nominee turns out to be will have the benefit of many many ads quoting Barry and other Dims on a wide variety of his/their missteps to date. As I've posted before, my fave is gonna be Barry & company laughing about those stimulus shovel ready job they promised lots of unemployed folks. Only to find out the president and his pals were pulling their legs all along. What a knee slapper, huh?

 

[Big Black Dog]

I like Newt.

 

[MikeK]

If only the little lizard could be trusted to adhere to all that recommendation implies.

 

[Truthmatters]

Im glad the right is now admitting they were wrong about Deregulation.

It is a historically failed idea.


Now maybe we can re regulate the areas that need regulating.


This must mean you will all Back Obama in regulating the industry?

 

[California Girl]

The funny thing is the right now has to back regulating the industry to defend Newt.


Im glad that they are starting to come to their senses for once.

It was a stupid move (by Clinton, fyi) and anyone with even a half an ounce of common sense knows that. Pity that our politicians - both sides - put corruption above the country way back during Clinton's presidency, huh?

 

[uscitizen]

The funny thing is the right now has to back regulating the industry to defend Newt.


Im glad that they are starting to come to their senses for once.

It was a stupid move (by Clinton, fyi) and anyone with even a half an ounce of common sense knows that. Pity that our politicians - both sides - put corruption above the country way back during Clinton's presidency, huh?

It had to be passed by congress. Who controlled congress?

And yes many dems had sold out to big business as well.

 

[Inthemiddle]

It had to be passed by congress. Who controlled congress?

And yes many dems had sold out to big business as well.

I'm guessing Congress would be the "politicians on both sides."

 

[Truthmatters]

The funny thing is the right now has to back regulating the industry to defend Newt.


Im glad that they are starting to come to their senses for once.

It was a stupid move (by Clinton, fyi) and anyone with even a half an ounce of common sense knows that. Pity that our politicians - both sides - put corruption above the country way back during Clinton's presidency, huh?

Why do you ignore that the Bush SEC refused to impliment the full law Clinton signed.

link in my signature

 

[Truthmatters]

would the right back Obama in reinstating Glass Steagal?

 

[Truthmatters]

I dont ever recall CG being for Glass Steagal.

 

[Truthmatters]

It might have worked if Bush's SEC had enacted the WHOLE law instead of just the parts the banks were drooling for.

 

[Toro]

It's an interesting point.

That is two things Newt has come out against current GOP orthodoxy after being beaten down for criticizing Paul Ryan's budget plan to change Medicare.

 

[Dot Com]

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

Good for him. I agree.

 

[Lovebears65]

Who was the President that signed that? Does he admit it was a mistake?

Is he running for office? Yeah, didn't think so. Let's move forward into the 21st century, shall we?

The thing is Truth Doesnt matter lives in the past all the time. How many times does she blame Bush for everything that is wrong in the world