This article was last updated on April 16, 2022
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Michele Bachmann and Gingrich launched a furious attack on the federal government holding them responsible for the causing the economic crisis which has distressed the housing market.
Moderator Karen Tumulty asked Bachmann “Do you think its right that no Wall Street executives have gone to jail?
Bachmann replied by saying “The fault lies with the federal government and not the Wall Street. The federal government that pushed the subprime loans that pushed the Community Reinvestment Act”
Bachmann added “It was Rep. Barney Frank and Sen. Christopher Dodd, authors of the Dodd-Frank Act, and signed into law by President Obama, which created sweeping regulatory reform, who were to blame. If banks failed to meet these rules, the federal government said, ‘We won’t let you merge, we won’t let you grow.’ They put American mortgages in a very difficult place. We had artificially low interest rates. … And lending standards lowered for the first time in American history. The fault goes back to the federal government. Dodd-Frank institutionalized all these problems. It’s a jobs and housing destruction act.”
Gingrich had more bitter words to say to the federal government. He said “Virtually every American has a reason to be angry, worried,” Gingrich said, adding that the protesters could be broken into two groups — “left-wing agitators” and “sincere middle class people.” If they wanted to change things, he said, “the first person to fire is [Federal Reserve Chairman Ben] Bernanke, the second person to fire is [Treasury Secretary Timothy] Geithner. The fix was put in by the federal government. If you want to put people in jail,” he added, “you gotta start with Barney Frank and Chris Dodd, and the politicians.”
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