Newt Gingrich

" Credit combined with a faulty assumption that home values would continue to rise led to excesses. And bad decisions. Many mortgage lenders approve loans from mars without carefully examining their ability to paint. Many borrowers took out loans larger than they could afford. Assuming that they can sell or refinance their homes at a higher price later on."

" President Bush earlier tonight with us now for reaction the president's bailout plan the -- here drill now -- For speaker of the house -- news contributor Newt Gingrich was speaker welcome back. What you think at this plant. Talent and a low profile I'm glad you came on first -- I'm talking you from Oberlin College. A bastion of people who love you think you the right. -- for this program so I you know I feel sometimes they tell video and Hannity. --"

" I think this is an appallingly bad plan. I think will be an engine of corruption. I think that the if you read the fine French. The idea that the secretary of treasury intends to buy back. By assets that but above their market value. Means that. One of two things. Neither the -- snapshot model of marking to market is wrong and we ought to replace it with a rolling mark to market in which case you know the true value. Or the -- treasury intends to enrich some people by paying them more than they can get while not enriching other people. And I think this is going to be a nightmare to implement. And I believe it is about as bad as anything I've seen an economic policy. Since I've been active in public it was a little -- guys I've heard against this plan then what do you think should be done. I think first of all they should replace the current snapshot to market with a rolling three year average. I think second they should change the current alert loan reserve patterns so there's not pro cyclical I think third nation -- zero capital gains. I think fourth they need to adopt an energy plan to keep about 500 billion dollars a year here at home and -- gone overseas but I practical level. If they need to open up a window to loan money at treasury plus 2%. And people want to commend him borrow the money and the responsibility civil work out not a bailout. And those people want to work their way out over the next three to five years I'm comfortable saying this is a liquidity crisis let's meet it. Let's along the money but let's make sure they are responsible for their bad debt and they're going to work their way out this idea of the wouldn't buy the paper. And some bureaucrat Washington. There's going to be responsible for 700 billion dollars in bad paper. I think is socialism at its worst I can't imagine why this administration is doing it. I think is profoundly wrong and I hope it is defeated if it comes to the floor in this -- I --"

" The speaker -- let me ask you this. Let's talk about the political side is a lot happening today John McCain suspending his campaign Morocco and saying the debate should be put off. While this bill is being debated -- while this crisis has been so solved now. As I said to Jack Welch. -- Barack Obama said today that this is the worst financial crisis we have faced since the great depression. He said Americans had every American has a stake in saving the financial system from collapse if we don't act soon the people's jobs savings and the economic security. Of millions of Americans will be put at risk. That's what he said and then in the next breath."

" He said that if you need me if I can be helpful I'm prepared to be there at any point."

" If it's that serious I'm using Obama's words why would they cut off the debate because he's avoided at all summer because John McCain is offered. You know attend town hall meetings of them why they weren't put off the debate and get this solved for the American people considering he's saying it's so serious."

" Well you know based on the president said tonight. I think it depends about tomorrow morning meeting. Yes Senator McCain is prepared to accept this monstrosity. And frankly they might as well debate Friday night. If senator Obama's prepared to accept this monstrosity. Then they can debate try to act if either of them thinks this needs to be profoundly rewritten as I didn't. And get too much better felt than they shouldn't debate Friday night they should spend the weekend. Right you writing this dramatically."

" Well but I think the question -- didn't. I don't want to interrupt your vote vote vote for the record. Also said that that they need to be dramatic changes to this and that has got to be more accountability and I don't know that anyone is on board for the 700 billion dollars without the accountability. And many is move the very same criticism you're laying out here tonight were made by Senator McCain as some others."

" Well if if if this is going to be dramatically and substantially rewritten then clearly they ought to be prepared to meet all weekend they ought to postpone the debate. I think he'll be a tremendous sign for America and the world is Senator Obama would -- to work side by side with Senator McCain. Jointly try to develop a joint bill. It'll be a great act of patriotism and good for the whole country and I think we'll put them beyond partisan maneuvering so I would hope the Senator Obama would reconsider. I think the idea that senator McCain's prepared to work. Well Senator Obama wants to go talk. Doesn't stay -- to speak well for senator Obama's judgment."

" Well -- ended that certainly that not even talking about economic policy this is supposed to be a foreign policy debate on top of all of this here. In the McCain campaign is accused Obama cheerleading the crisis the Obama campaign is actually come out with ads using the crisis for fundraising pitch. Now -- one of the things that I noticed about senator Obama's statement earlier today is he kept bringing up -- on Wall Street. He's got to economic advisers one was leading up as vice presidential selection campaign Jim Johnson. He used to work at Fannie Mae he was a top executive Lehman Brothers he made tens of millions of dollars. And the Washington Post reported that frank Raines made ninety million dollars and six years as the head of Fannie Mae and that he has been an economic adviser. 44. Four Barack Obama. How would solve the crisis. Is an agreed that Obama's talking about. If we don't start putting some of these guys and -- and the money that they you know donated all these. You know members of the banking committee et cetera."

" My answer on what let's start -- put it underwrote some of the members of congress and senator Dodd. Who will presumably be helping write this bill was the largest single recipient of money. From both Fannie Mae and Freddie Mac Senator Obama was second. Senator Clinton was the largest recipient from Lehman Brothers Senator Obama was second. I think congress ought to also be under investigation -- it was agreed but sort of the politicians as all the people who gave -- the."

" And put them on dolls under the threat of perjury that heads of these committees those that got money from Fannie and Freddie. -- that is also a big part of the equation if if we're not going to look at the up problems what caused them. Politically doomed to repeat the -- by the -- special programming note. You've had a big success would drill here drill now pay less and you'll join us tomorrow night we'll talk about that mr. speaker thank you for taking time to be with us."