Did Newt Gingrich cause the financial meltdown?

[Truthmatters]

It was Phil Gram who caused this mess.

He passed Gramm Leach Bliely and as soon as he did UBS bank hired him for a cushy job and publically thanked him for helping them make money from the sub primes.

 

[Ravi]

It's interesting to note that one person paid for advice to the F&F institution would be the result of the entire meltdown. No one else responsible? Banks, Congress, employees, corrupt lending policies, VIP's in the firms? Regulations, no regulations... Just one person No one but Newt.

And all he did was give advice that wasn't taken but isn't disputed. This is really far reaching even for those who are thinking beyond the party politics.

Barney Frank et al. had more culpability but even he can't shoulder the entire responsibility.

Let's just think about this a bit.

What advice did Newt give that wasn't taken?

Hello?

 

[Toro]

It is pretty funny to watch.

Of course, you know there's more to come out with this story.

Whether or not it matters is another story.

 

[JoeB131]

Given that a lot of rightwingloons blame the financial meltdown on Fannie and Freddie, and given that Newt was a lobbyist/historian/adviser for Fannie and Freddie, it makes logical sense that his "advice" led to the financial collapse.

What was the advice he gave them?

What, you haven't gotten your talking points on this one, either?

Of course, Freddie and Fannie didnt' cause the meltdown, the big banks did, because the government made them loan to people they never should have loaned to. FM/FM contributed in that they were directed to buy up a lot of the bad paper to keep it all going.

There's plenty of blame to go around on this mess. Blaming the consultants is kind of weak.

 

[Ravi]

Given that a lot of rightwingloons blame the financial meltdown on Fannie and Freddie, and given that Newt was a lobbyist/historian/adviser for Fannie and Freddie, it makes logical sense that his "advice" led to the financial collapse.

What was the advice he gave them?

What, you haven't gotten your talking points on this one, either?

Of course, Freddie and Fannie didnt' cause the meltdown, the big banks did, because the government made them loan to people they never should have loaned to. FM/FM contributed in that they were directed to buy up a lot of the bad paper to keep it all going.

There's plenty of blame to go around on this mess. Blaming the consultants is kind of weak.

The government didn't force the banks to loan anyone money. Thank you for confirming that you are nothing more than a rightwingloon.

To the topic, the vast majority of rightwingloons on this board believe Fannie and Freddie caused the financial meltdown. Therefore, it is imperative we know exactly what advice Newt gave them....well, imperative if you were an honest and consistent person.

 

[Toro]

Given that a lot of rightwingloons blame the financial meltdown on Fannie and Freddie, and given that Newt was a lobbyist/historian/adviser for Fannie and Freddie, it makes logical sense that his "advice" led to the financial collapse.

What was the advice he gave them?

What, you haven't gotten your talking points on this one, either?

Of course, Freddie and Fannie didnt' cause the meltdown, the big banks did, because the government made them loan to people they never should have loaned to. FM/FM contributed in that they were directed to buy up a lot of the bad paper to keep it all going.

There's plenty of blame to go around on this mess. Blaming the consultants is kind of weak.

The government didn't force the banks to loan anyone money. Thank you for confirming that you are nothing more than a rightwingloon.

To the topic, the vast majority of rightwingloons on this board believe Fannie and Freddie caused the financial meltdown. Therefore, it is imperative we know exactly what advice Newt gave them....well, imperative if you were an honest and consistent person.

And thus far, people in Freddie Mac are saying that Newt was on board with Freddie's role.

None of the former Freddie Mac officials who spoke on condition of anonymity said Gingrich raised the issue of the housing bubble or was critical of Freddie Mac’s business model.

Gingrich Said to Be Paid About $1.6 Million by Freddie Mac - Bloomberg

 

[JoeB131]

The government didn't force the banks to loan anyone money. Thank you for confirming that you are nothing more than a rightwingloon.

To the topic, the vast majority of rightwingloons on this board believe Fannie and Freddie caused the financial meltdown. Therefore, it is imperative we know exactly what advice Newt gave them....well, imperative if you were an honest and consistent person.

Look up the CRA and how it caused the meltdown. You make a bank give Johnny Foodstamp a loan he can't pay back, but no worries, you can foreclose on his house and resell it to someone else.

Actually, I could care less what advice he gave them.

He was paid for advice, he gave advice.

 

[JoeB131]

Whenever I hear anyone in the media say, "spoke on condition of anonymity", I usually assume that means the reporter is just making shit up.

 

[Toro]

Whenever I hear anyone in the media say, "spoke on condition of anonymity", I usually assume that means the reporter is just making shit up.

^^^^^^^^^^^^^

Confirmation bias (also called confirmatory bias or myside bias) is a tendency for people to favor information that confirms their preconceptions or hypotheses regardless of whether the information is true.[Note 1][1] As a result, people gather evidence and recall information from memory selectively, and interpret it in a biased way. The biases appear in particular for emotionally significant issues and for established beliefs.

Confirmation bias - Wikipedia, the free encyclopedia

 

[Toro]

The government didn't force the banks to loan anyone money. Thank you for confirming that you are nothing more than a rightwingloon.

To the topic, the vast majority of rightwingloons on this board believe Fannie and Freddie caused the financial meltdown. Therefore, it is imperative we know exactly what advice Newt gave them....well, imperative if you were an honest and consistent person.

Look up the CRA and how it caused the meltdown. You make a bank give Johnny Foodstamp a loan he can't pay back, but no worries, you can foreclose on his house and resell it to someone else.

Actually, I could care less what advice he gave them.

He was paid for advice, he gave advice.

You could care less because he's not a Mormon.

He gave advice on how to expand Freddie's business to others. Since you're all butthurt over anonymous sources, he's someone on the record.

Gingrich’s first contract with the mortgage company was in 1999, five months after he resigned from Congress and as House speaker, according to a Freddie Mac press release.

His primary contact inside the organization was Mitchell Delk, Freddie Mac’s chief lobbyist, and he was paid a self- renewing, monthly retainer of $25,000 to $30,000 between May 1999 until 2002, according to three people familiar with aspects of the business agreement.

During that period, Gingrich consulted with Freddie Mac executives on a program to expand home ownership, an idea Delk said he pitched to President George W. Bush’s White House.

‘Really Got It’

“I spent about three hours with him talking about the substance of the issues and the politics of the issues, and he really got it,” said Delk, adding that the two discussed “what the benefits are to communities, what the benefits could be for Republicans and particularly their relationship with Hispanics.”

Gingrich Said to Be Paid About $1.6 Million by Freddie Mac - Bloomberg

And he noted the importance of the GSEs on Freddie's website.

Pressed on his Freddie Mac consulting relationship at a debate last month, Mr. Gingrich said he provided "advice as a historian" and told the company when he learned it was "making loans to people who have no credit history" that "this is a bubble. This is insane."

The Freddie interview doesn't show him expressing such concerns. Fannie and Freddie "have made an important contribution to homeownership and the housing finance system," Mr. Gingrich is quoted as saying in the interview presented in a question-and-answer format. "We have a much more liquid and stable housing finance system than we would have without the [companies]."

Gingrich Backed Freddie Mac in 2007 Interview - WSJ.com

 

[JoeB131]

Blah, blah, blah...

I find it amusing that someone who brags about making money in real estate is on here whining about Freddie.

Seriously, it's like Madonna calling Paris Hilton a whore.

Point was, Freddie's role was pretty tangental to the whole mess, wasn't it. All they did was buy up the bad paper that the private banks wrote.

And both Democrats and Republicans alike thought increasing home ownership was a good thing.

 

[Ravi]

Whenever I hear anyone in the media say, "spoke on condition of anonymity", I usually assume that means the reporter is just making shit up.

Which is why we need to see any written documents Newt produced and interview people who he gave advice to. But you don't want that to happen because of your confirmation bias.

 

[JoeB131]

Whenever I hear anyone in the media say, "spoke on condition of anonymity", I usually assume that means the reporter is just making shit up.

Which is why we need to see any written documents Newt produced and interview people who he gave advice to. But you don't want that to happen because of your confirmation bias.

Again, why do we need to do that?

Oh, that's right. Because you are really scared Newt can knock off your Community Organizer.

Hey, why don't we look at that 300K a year job Moooochelle did for the University of Chicago Hospital. You know, the one that was created right after her husband got elected to the Senate and was eliminated the minute she became first lady. You know, the one where she showed up for work less often than he showed up for work at the Senate.

Why don't we look at the list of all the big banking instututions that contributed to Obama in the 2008 campaign? Frankly, I find that a lot more suspicious than any advice that

Oh, how many "Banksters" had Obama prosecuted so far? Zip, Nada, none. Like all good Chicago Politicians, when he's bought, he stays bought.

 

[Ravi]

 

[Toro]

Blah, blah, blah...

IOW "I can't respond"

I find it amusing that someone who brags about making money in real estate is on here whining about Freddie.

That's because you don't understand it.

Seriously, it's like Madonna calling Paris Hilton a whore.

I think Ravi or Mani would call this "epic pwnage butthurt."

Point was, Freddie's role was pretty tangental to the whole mess, wasn't it. All they did was buy up the bad paper that the private banks wrote.

Thanks for saying that, Nancy Pelosi.

And both Democrats and Republicans alike thought increasing home ownership was a good thing.

Amen.

 

[CMike]

Naa the blame goes to the democrats who let them get out of hand and refused to do proper oversight.

A consultant has no actual power.

 

[Si modo]

[ame=http://www.youtube.com/watch?v=y4A0RuXhnQA]Democrats Fighting Regulation of Freddie & Fannie - YouTube[/ame]

 

[Ravi]

Seriously, it's like Madonna calling Paris Hilton a whore.

Madonna calling Paris Hilton a whore is like Newt Gingrich calling Bill Clinton a whore.

 

[JoeB131]

Seriously, it's like Madonna calling Paris Hilton a whore.

Madonna calling Paris Hilton a whore is like Newt Gingrich calling Bill Clinton a whore.

Okay... but oddly, I never remember anyone accusing Newt of Rape...


Juanita Broaddrick - Wikipedia, the free encyclopedia

 

[editec]

What qaulification did NEWT have to consult with FAnnie?

Is he an economist?

No

An accountant? no.

What were his qualifications to get this fat consulting contract?\

None other than he has some political suck.


Wonder what he was actually being paid off for?