Tags: gingrich | fire | paulson

Newt Gingrich: Fire Henry Paulson

Tuesday, 30 Sep 2008 03:56 PM

By Jim Meyers

  Comment  |
   Contact  |
  Print   |
    A   A  
  Copy Shortlink

Former House Speaker Newt Gingrich says President Bush should fire Treasury Secretary Henry Paulson as Congress struggles to deal with the ongoing financial crisis.

Appearing on Fox News’ “On the Record” Monday night, Gingrich told host Greta Van Susteren: “We want a way to work through this. But I think that it requires a very different approach than Secretary Paulson has been taking.”

Asked if Paulson is “the right guy” for the job, Gingrich responded: “No. I mean, I think that he must have been a terrific deal-maker at Goldman Sachs and a great chairman of Goldman Sachs, but I don't think that's the same job as being a secretary of the Treasury. And I think the president would be much better off if Undersecretary [Bob] Kimmet was now replacing Secretary Paulson.”

Gingrich opined that the bailout bill that failed to pass the House was “badly designed by Secretary Paulson,” and Paulson liked the idea, “as a former chairman of Goldman Sachs, that he would get to spend $700 billion and he wanted the power.”

He also said that “when Secretary Paulson sent up a proposal to allow him to spend $700 billion with no congressional oversight and with no judicial review … he created a negotiating environment that was hopeless.”

Gingrich was particularly critical of Paulson and the New York Federal Reserve’s earlier move, reported by The New York Times, to include Goldman Sachs’ chairman at a meeting about insurance giant AIG’s financial crisis.

“I don't understand how the president can avoid firing the Secretary of the Treasury when you have a former chairman of Goldman Sachs who wants to have unlimited ability to spend money, and you have the current chairman of Goldman Sachs, the only private-sector person in a room,” Gingrich told Van Susteren.

“Two weeks later, the U.S. government put up $85 billion to help AIG, in which Goldman Sachs has a $20 billion exposure…

“When the average American understands this, they are going to be so angry at this Congress if it passes a deal to give Secretary Paulson money…

“I think the president will be far better off to have Bob Kimmet up there, the undersecretary of the Treasury, negotiating this bill than he is to have Secretary Paulson.”

© 2014 Newsmax. All rights reserved.

  Comment  |
   Contact  |
  Print   |
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
Zip Code:
Privacy: We never share your email.
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Mali's Islamists Withdraw Cease-Fire Pledge

Friday, 04 Jan 2013 13:06 PM

Tens of thousands of Fatah supporters rallied in the Hamas stronghold of Gaza on Friday for the first time since they we . . .

Fmr. CIA Director Hayden: Iran Nuclear Crisis Gets 'Scarier'

Tuesday, 17 Jul 2012 18:11 PM

 . . .

Join Fmr. CIA Director for Special Iran Briefing, Assess the Danger

Friday, 13 Jul 2012 12:27 PM

 . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

America's News Page
©  Newsmax Media, Inc.
All Rights Reserved