Gingrich is a Republican. I have very negative feelings toward him, but at least he is willing to tell the truth about the current economic situation, which I admit surprised me.
http://www.ajc.com/business/content/printedition/2009/02/03/gingrich0203.html
By Julia Malone
Cox Washington Bureau
Tuesday, February 03, 2009
Washington —- Former House Speaker Newt Gingrich said Monday that the U.S. economic downturn is much worse than political leaders admit and predicted the recovery will take three to five years.
The financial meltdown points to “a much more profound problem than people think” as American industries and education have lost ground to China and India, Gingrich said.
On the economy, the former Georgia lawmaker offered a revised position from last fall, when he said he would have voted for the $700 billion plan to rescue the financial markets. He now opposes that approach.
The bank losses are too high and still have not been fully disclosed, he said.
“We’d be much better off to encourage the rise of new banks and new institutions,” he said, adding that he now favors allowing U.S. automakers to go into bankruptcy where they could strike a deal with unions to restructure their companies.
“The level of change for all of us is going to be profound if we are going to go back to being the most competitive country in the world,” he said.
No comments:
Post a Comment