Newt Gingrich was on ABC’s This Week yesterday, and he nailed exactly why the Obama Trillion Dollar Debt Plan is destined to fail:[youtube]http://www.youtube.com/watch?v=oQ66wcoJgnw&eurl=http://www.foundry.org/&feature=player_embedded[/youtube]
Our unofficial rush transcript:
What you actually have is not change you can believe in. What you have is the fourth act of the Bush-Obama spend more plan. [Vice President Joe] Biden voted for all three of the first spending plans. The stimulus which failed in the spring. The housing bailout which failed in the summer. The Wall Street bailout which failed in the fall. Now we’re going to get bailout number four and then on Tuesday we’re going to be told that we’re on the hook for some where between $2 to 4 trillion dollars, cleverly done through the Fed, but $2 to 4 trillion additional dollars on top of everything else.
That is the risk the American tax payers are being told they will bear for really badly run businesses. The alternative is, first of all, to allow the people who failed to fail. You cannot have capitalism on the way up and socialism on the way down. They are trying to prop up people who have clearly failed in every way. You see it General Motors you see it at Chrysler you see it at Citibank. The same people who failed are sitting around failing.