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

Posted by on Nov. 9, 2011 at 8:27 PM
  • 4 Replies

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

November 9, 2011
By 

As Speaker of House during the 1990s, Newt Gingrich and the Republican Party were instrumental in killing the Glass-Steagall Act, which separated investment banks and traditional lending banks. The combining of these banks in the wake of the repeal of that regulation led to the economic collapse in 2008. In an interview on ABC with Jake Tapper, Gingrich admitted that deregulating the banking industry was a mistake. Here is the exchange between the two.

TAPPER: One question I want to ask has to do with your call to repeal the Wall Street reforms, Dodd-Frank. I don’t think a lot of Americans would understand why anyone would want to repeal regulations that happened after this calamity on Wall Street. If you disagree with those regulations that were imposed, do you agree at least that there should be some new reforms or regulations?

GINGRICH: Sure, there should be very decisive reforms. I think, in retrospect, repealing the Glass-Steagall Act was probably a mistake. We should probably reestablish dividing up the big banks into a banking function and an investment function and separating them out again.

by on Nov. 9, 2011 at 8:27 PM
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Replies (1-4):
parrishsky
by Maxfield on Nov. 9, 2011 at 8:36 PM

New bandwagon, front-runner??

lol

nanaofsix531
by on Nov. 9, 2011 at 8:39 PM

You betcha!

Quoting parrishsky:

New bandwagon, front-runner??

lol


mamaof2angles
by on Nov. 9, 2011 at 8:43 PM
NOW Newt boy says its bad? lo
Posted on CafeMom Mobile
BleedinHeartMom
by on Nov. 9, 2011 at 8:51 PM

some of these people have split personalities, they act like a bunch of primitives on fox, but some act pretty well collected in their thoughts on major news stations...

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