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Former house speaker new Gingrich is not a supporter of the rescue bill says that the crisis -- the credit markets Israel could have horrendous consequences we don't do something.
He joins Iraq on us to speaker good to have you don't.
He had to do it all right -- Can -- -- again and yet you know OK -- -- don't hear you but we're gonna put you sound opinions are okay so to speak -- ask you something here.
Free markets here.
And I know you don't time to watch movies but you're now reminding me you know night of the living dead thing here and I've lost -- you know.
And well I feel very lonely why are you now suddenly for this.
While I was convinced by a number of business leaders around the country and Ohio in California.
And Nevada in Georgia.
That in fact if we did not do something.
That the credit crunch would become severe enough in the next few weeks.
They you'd see a very very direct and real impact on on what what do you say when you were posted this few months people were probably hitting you at the same data and you look at say -- doesn't add up but what did -- say.
Part first of all the bill that the -- that the secretary sent out sort of impulses and up.
Was horrendous and impossible.
And that began -- -- modified initially went to the left.
And the Democrats began -- a lot of sweeteners.
For their interest group allies and that I would have opposed under any circumstance the idea.
-- any of twenty billion dollars to acorn and other left -- organizing groups I thought was literally insanity.
But the house Republicans beginning on Friday.
Began to improve the bill they took a lot of bad things out of it they made the -- -- somewhat better.
I was still not a good bill but I was faced by Sunday with the reality.
That as long as secretary Paulson is there.
This may be the best you can do I don't like it but if the choice was to do nothing.
And and wait for three or 45 week meltdown.
Or two attempts to try to make sure the credit markets didn't freeze up.
I thought this was the least.
Bad decision and that's the way describe it as you know used in here are very few political.
Figures in this country who know history.
And no capitalism.
Interchangeably as well as you on that give you false but I just know that for a fact I except that and here's my fear.
That light night of the living dead you've now become a zombie.
And and you are now forgetting all those great lessons you -- folks like me.
And -- -- that in a society like this you are free to risks failure markets are free to sell off when they don't get what they want.
They -- free to have humongous tantrums that fairly or not.
Hit a lot of people and then they had just when they realized the nanny state isn't going to be there to say.
-- -- from first of all.
I'm also a historian.
And as a historian I know full well that even one of the greatest advocates of capitalism.
A -- -- who founded the The Economist Magazine wrote in Lombard streets that there are times when money has to be.
-- made orderly -- the government has to set rules so I think historically the fact is that there are moments when you want to make sure the system.
Actually works now what I've said and I'll defend my credentials.
On conservatism what I've said unequivocally is.
That Chris Cox a securities exchange commission should have suspended the mark to market accounting rules which I think -- a disaster.
And my guess is if they did that.
They would solve about 70%.
Or 500 billion dollars a problem.
I've also said I think the secretary Paulson should resign.
Hi I think -- what he has done his very destructive I very much dislike his solution.
But I couldn't because somebody had been speaker of the house.
I couldn't in good conscience say that the best thing for America was to walk off and not try to -- this even though I don't particularly like the fact that we've got.
Well under our system our strategy like physics you guys and you're brilliant man but I want you to watch night of the living dead tonight.
-- -- I want you to change your mind tomorrow we have -- back on another okay.
But I do love you thank you speaker always good having you thank you very --
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