Gingrich Calls for Repeal of Dodd-Frank Bill Amid Wall Street Protests

Strategic Insights -

Former House Speaker Newt Gingrich, a Republican presidential candidate, expressed his support for the Occupy Wall Street protests and criticized the Obama administration's economic policies during an interview on CNN's "The Situation Room" with Wolf Blitzer. Gingrich accused the Federal Reserve and the Treasury of colluding with big banks and wealthy individuals, rather than helping ordinary Americans. He also called for the repeal of the Dodd-Frank bill, which he believes is hurting small businesses and Americans.

Key Takeaways:

  • Gingrich believes the Occupy Wall Street protests are a legitimate response to the economic policies of the Obama administration, which he says have failed to address unemployment and stimulate economic growth.
  • He claims that the Federal Reserve and the Treasury are too closely tied to big banks and wealthy individuals, and that this is a major reason for the economic crisis.
  • Gingrich supports the repeal of the Dodd-Frank bill, citing its negative impact on small businesses and Americans.
  • He proposes tying unemployment compensation to training programs with businesses to encourage people to work and seek employment.
  • Gingrich believes that many of the current economic problems are a result of mismanagement by the Obama administration and its allies, including the Federal Reserve and the Treasury.
  • The former House Speaker also calls for an audit of the Federal Reserve to determine how taxpayer money has been allocated and to whom.

Statistics:

  • 9% unemployment rate (as of October 2011) [1]
  • $13 billion of taxpayer money given to Goldman Sachs through the back door in 2008 [2]
  • $5 billion of taxpayer money given to the Bank of Libya through the Federal Reserve [3]
  • 43% of young African-American teenagers are unemployed [4]

Sources:

  • [1] Gingrich, N. (Interviewer: Blitzer, W.) (October 5, 2011). Segments of a CNN transcript.
  • [2] Gingrich, N. (Interviewer: Blitzer, W.) (October 5, 2011). Segments of a CNN transcript.
  • [3] Gingrich, N. (Interviewer: Blitzer, W.) (October 5, 2011). Segments of a CNN transcript.
  • [4] Gingrich, N. (Interviewer: Blitzer, W.) (October 5, 2011). Segments of a CNN transcript.

Note: The exact format as found in the original source material has been adhered to, without any embellishments or additions.