Gingrich Admits Deregulation Of Wall Street In The ’90s Was ‘Probably A Mistake’

[ashling]

http://thinkprogress.org/economy/2011/11/08/364404/gingrich-wall-street-deregulation-mistak/

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.

Though he had resigned by the time the final blow was dealt to Glass-Steagall in 1999, Gingrich was instrumental in picking it apart. In fact, the New York Times noted in 1998 that, during a failed attempt to repeal Glass-Steagall, Gingrich “scurried through the afternoon to line up the necessary votes” in favor of repeal.

Reinstating Glass-Steagall would require breaking up the biggest banks, a step much further than Dodd-Frank embraced and something to which the Obama administration was never open (to its detriment). But Gingrich is not the only Republican to advocate such a step; both former Gov. Jon Huntsman (R-UT) and Sen. John McCain (R-AZ) have called for a return to Glass-Steagall, as did former Citigroup CEO John Reed, who was instrumental in having the regulation repealed.

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Of course, if Obama was for bringing Glass-Steagall back, they would all be against it

[redqueen]

1. He's only saying this now because the message of the OWS

and 99% movement has gone mainstream.

I said before he was an idiot. He's no idiot. He just knows his audience.

[aquart]

2. Yuh think, you greedy, corrupt moron?

[Guy Whitey Corngood]

3. And tomorrow he'll say he didn't mean it. nt

[UrbScotty]

4. And you're "probably" not a shining example of marital fidelity, Newt.

[dawg]

5. I applaud Newt for finally saying something that made sense.

But we all know he would never actually allow Glass-Steagall to be reinstated if he had the power to stop it.

[elleng]

6. because all the institutions who for years supported repeal

will be GONE, DEAD (where they're headed now) and they'll be paying him off? Don't think so, but he was correct to oppose repeal when he did (allegedly).
He's very smart, but his timing is bad, has been for some time.
Bye, newtie!

[DocMac]

7. I think the American people are

sick and tired of career politicians. Newt is good with history but spins it.

Seriously, Newt can't win and if he did I can't imagine what he would do.

[Motown_Johnny]

8. A run to the middle? From Newt?!?!

Maybe Cain is in more trouble than we thought.

[dtexdem]

9. Smart guy, Newt. Nothing gets past him -- after 20 years or so.

;-)

[defendandprotect]

10. Gringrich is as sleazy as he ever was -- and willing to say anything -- one of their

best RW propagandists -- !!

[Orsino]

11. This hints once again at the faintest trace of principle in the hollow shell of Gingrich...

I presume that it's just another lie.