Former House Speaker and GOP presidential candidate Newt Gingrich refutes the Obama administration’s assertion that JPMorgan’s recent $2 billion trading loss reinforces the need for more Wall Street reform and bureaucratic oversight.
“The White House threw away half a billion dollars on Solyndra,” he tells Newsmax.
“If you were to add up every failure that Obama’s had with so-called green energy, which I think turned out to be greenback energy, they’ve thrown away more money on solar power than JPMorgan [lost].
“In a capitalist free-market system sometimes you win, sometimes you lose. If you try to impose enough bureaucracy to never lose, you’re going to guarantee you’ll never win.
“And why would anyone believe the bureaucrats would have been smarter? [The JPMorgan officers] made a mistake. It cost them the money. The guy got fired. That’s what should happen.”
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