Gingrich wants Bernanke fired and Chris Dodd and Barney Frank imprisoned

UPDATED 11:49 p.m. ET

Republican presidential candidates Rep. Ron Paul, R-Texas, and former House Speaker Newt Gingrich laugh at a presidential debate at Dartmouth College in Hanover, N.H., Tuesday, Oct. 11, 2011.

/ Scott Eells

Former House Speaker Newt Gingrich on Tuesday said he understood the anger expressed by the protestors on Wall Street - but said the real culprits who should be thrown from power are in Washington.

"If they want to really change things, the first person to fire is (Federal Reserve Board Chairman Ben) Bernanke, who is a disastrous chairman of the Federal Reserve, the second person to fire is (Treasury Secretary Timothy) Geithner," Gingrich said in the Republican debate sponsored by Bloomberg and the Washington Post.

"If you want to put people in jail, I want to second what (Minnesota Rep.) Michele (Bachmann) said. You ought to start with (Massachusetts Rep.) Barney Frank and (former Connecticut Sen.) Chris Dodd," Gingrich said, referring to the pair of Democrats who authored last year's rewrite of Wall Street rules, known as Dodd-Frank.

"The fact is in both the Bush and Obama administrations, the fix has been in. And I think it perfectly reasonable for people to be angry. But let's be clear who put the fix in. The fix was put in by the federal government," Gingrich said. Bernanke worked in the White House as President George W. Bush's top economist before Mr. Bush tapped him to replace another Republican, Alan Greenspan, to lead the central bank.

In her response to the question of whether anyone from Wall Street should be thrown in prison for causing the collapse of the world's largest economy, Bachmann blamed the federal government for the 2008 financial meltdown and recession of 2007-9.

"The fault goes back to the federal government, and that's what's wrong with Dodd- Frank," Bachmann said, adding, "Dodd-Frank institutionalized all of these problems that were put into effect by the federal government."

The bill, signed into law by President Obama in 2010, created a consumer financial protection bureau aimed at protecting consumers and theoretically gave regulators the authority to break up major financial firms deemed too big to fail. It also banned many of the risky lending practices that fueled the housing bubble at the heart of the economic collapse.

Frank immediately dismissed the charge by former House Speaker Gingrich.

"Gingrich is blaming us for Republican failures," Frank said in prepared statement to CBS News Political Hotsheet, noting that Republicans controlled the House of Representatives from 1995-2007.

"I think that a man like Newt Gingrich who is as impressed as he is with his own intellect is a little unsettled by the fact that he is running behind Michele Bachmann in the polls," Frank added.

Rep. Ron Paul, who has written a best-selling book called "End the Fed" and made a career out of bashing the central bank, said he would repeal another major piece of legislation, Sarbanes-Oxley, which was passed in the wake of Enron a decade ago when Republicans were in control of the House of Republicans.

"Let's repeal that, too. I mean, if you look at what we have done as Republicans, we have caused a lot of problems," Paul said, "to say it's all in these past two years, I mean, I think that is so misleading. And that's why the American people are sick and tired of listening to the politicians."

Republican debate: Winners and losers
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Gingrich: Fire Bernanke, imprison Dodd and Frank
Huntsman mocks Cain 999 plan as price of pizza

[coriolana]

I'd like to see Newtie tarred and feathered. Ah well, we all have dreams.

[JohnHickey5]

It's only fair to tar and feather both of them.

[smartasss1]

Every time the Democrats tries to check corporate greed and protect consumers, The Republicans take the corporations side.

Here are some common sense legislation that the Republicans opposed.

1. credit card reform - prevent credit card companies from arbitrarily raising your rate and charging excessive fees.

2. Financial reform - Prevents big banks from from abusive lending practices, Regulate risky derivatives trading, prevents banks from charging excessive fees from debit card purchases.

3. health reform - Prevent people with pre-existing conditions from being denied health coverage. Gives more rights to consumers. Aims to expand health coverage to more people.

The Republicans are always on the side of corporations rather than the American consumer.

[kansas1946]

The bill, signed into law by President Obama in 2010, created a consumer financial protection bureau aimed at protecting consumers and theoretically gave regulators the authority to break up major financial firms deemed too big to fail. It also banned many of the risky lending practices that fueled the housing bubble at the heart of the economic collapse.
**************************

Yes, that sounds just criminal, Newt. Since I know you aren't stupid, I'll just assume you are a liar. A real shame to protect consumers and rein in the banks who had been getting by with real criminal behavior for years with the blessing of most Republicans. Why don't you find another chippy to cheat on your current wife with and leave the rest of us alone.

[elderwesto]

Ron Paul is a class act. He doesn't place blame on people and focuses on policies.

He is the only one in this race that has said ' Republicans' policies stink just as bad as the Democrats. Quit pointing fingers and playing a game, just fix it already.'

[smartasss1]

Enron, Haliburton, financial deregulation, big bank cartels, derivatives trading, health insurance lobby, credit card industry greed, all stinks like the Republicans. Don't forget that this recession that we haven't recovered from was created by Bush and the Republican. It's just ridiculous that the GOP is trying to pin it on the Democrats.

[RespectOthersAlways]

Great debate about an economy messed up by Republicans. The Bush-Cheney tax cuts, unfunded wars and prescription drug scheme produced almost six trillion dollar deficit that costs the nation over $100 Billion dollars in interest payments every year! But the Republican candidates, like the Republican Congress will not accept responsibility for the messy economy they created before President Obama was sworn in. Ron Paul may be the only honest politician in the pack. He admitted Republican Party culpability. Pizza magnate Herman Cain and Michele Bachman are simply out of touch with reality. Texas Governor Perry appears to be seriously confused, desperately trying to hide the terrible record of poverty and health care crisis in Texas. Huntsman and Santorum are marginal candidates. Gingrich did what Gingrich does as the one-eyed king in the valley of blind reaction recklessly throwing flames and spouting a lot of philosophical nonsense. That leaves Governor Romney the flip-flop king of all times. What a crew!

[antoniof123]

The GOP must be crazy they were in charge of congress both houses and if they Dodd and Frank did what they say they did while they were in charge......

They must be desparte for retroric.

[dante805]

Yaeh, and that gerat scholar Obama once said I have visted 48 states and have 9 more to go. Just to show you what a Harvard fool is and how much damage he and his slip nfall lawyers did in 2 plus years.

[noloyalisti]

Let's not jail anyone from Wall Street or the Bankster houses that lost 20% of America's wealth in less than 2 years. Now you know why we need the Occupy Together 99% Movement. Please join today and get ready for General Strikes.

[TimB.MCSE]

There are crimminals in both parties. Ron Paul and Newt Gingrich are probably on the short list of non-crimminals. The press loves tp portray Paul as a nut, yet he probably has the highest IQ in the House. I think the politicians, would be in deep trouble if these two were in the Oval office. Nothing worse for a band of crimminals having to be lead by a couple people with the Public at heart 1st. I don't expect it to happen, but it wold be refreshing to actually see a change, unlike the crimminal in the oval office we have now.

[jimbom121]

Gingrich was house speaker when the Glass Steagal was repealed...he's as guilty as anyone.

[noloyalisti]

Many criminals in the Dems party but ALL the Republicons are criminals. And they ARE PROUD OF IT!

[cloopy]

say what u will,but newt gingrich clearly is the star of all the gop debates since last summer///brillaint,leadership experience and gingrich would wipethe floor w/obama in any debate////as for newt being a hypocrit??when compared to obamas radical ties///obama latest solyndra////dept of justice gunrunnig matter,gingrich at next debate on tues is sure to throw some bombs!!!! gingrich gets most applause!!!!i find it incredulous taht the obama media...msnbc/cnn never mentions solyntra or the doj,holder mess!!

[GMartineDesigns]

Gingrich actually does show a lot of knowledge on the issues and has good arguments against the federal government and federal reserves interventions in the economy that got us into this mess. Unfortunately he doesn't have the record to back it up. But he is talking a good game.

[piBen11]

GMartineDesigns, you are so wrong about the effects of the Feds' interventions that your post seems to be ignorant rambling to me.
For your information, our economic problems or mess was a consequence of Banks not doing their jobs well. Most of the large Banks decided to focus on fee revenues rather than interest revenues, as a result, they created Mortgage Houses to sign up customers who are not fit to obtain the amount of Mortgage loans they received. To lend money to any individual,Banks are expected to do due diligence, but most of the Banks failed in this most important function of the Banking Services. In fact, a lot of these Banks exaggerated the basic income information supplied by the Borrowers to qualify them for the loans. Why? The answer is that the Banks did not carry any risks on these loans. Since the Banks were securitizing(converting illiquid assets to liquid assets or creating a large market for something that has a small or no market) the loans,thereby spreading the risks over all market participants. Sir, this is the crux of the market downfall, and the economic mess that we are in.
If you studied Finance in College, you would agree with and understand the role of the Feds(Federal Reserves) for bailing out the Banks. The Financial System, which consists of the Financial Institutions, such as Commercial Banks,.... and the Financial Markets such as Wall Street, ... are the main tools of the Government to promote economic prosperity and security of the Nation. This system is so important to the Economic well being of the Nation that letting it fail will be remiss of the Government responsibility to his citizens.
So, contrary to your assertion that the involvement of the Government and Feds are detrimental to the economy, I beg to differ. In the light of the current mess the economy is, the Feds are the only public agency that can get us out.
In my opinion, the Feds should take upon itself to fund the proposed infrastructure projects by Mr. Obama. Thatis a stellar way to by-pass Congress and the do-nothing Republicans to further stimulate the economy. As for Mr. Gingrich, he is knowledgeable of nothing. Any person who advocates tax relief for Corporation to stimulate the economy is a fool, a big one for that matter. Gingrich as well as the rest of the Republicans in Congress and the Nation abound has no idea of what the right economic solution to implement.