Newt Gingrich hammered for Freddie Mac ties

Pool,AP Photo/Eric Gay

Newt Gingrich is clearly the Republican presidential front-runner.

After brief respite from criticism for taking money from mortgage giant Freddie Mac, Gingrich was the target of such attacks again Thursday night in the last debate before Iowa Republican voters begin the process of picking their nominee for president.

Minnesota Rep. Michele Bachmann blasted the former House speaker, reminding the debate audience in Sioux City, Iowa that "the speaker had his hand out" and "cashed paychecks" from Freddie Mac to the tune of at least $1.6 million.

"That's absolutely wrong," she said, "we can't have as our nominee... someone who continues to stand for Freddie Mac," which guarantees mortgages made by banks.

Bachmann clearly got under Gingrich's skin. The former speaker said Bachmann's claims were "factually not true," adding that he "never lobbied in any circumstance" for the firm.

Bachmann responded that "you don't need to be within the technical definition of being a lobbyist to be influence peddling... to get [lawmakers] to do your bidding."

Conservatives often criticize Freddie Mac and sister firm Fannie Mae for exacerbating the 2008 financial crisis by fueling excessively cheap mortgages with their implicit guarantee from Uncle Sam. Amid mounting losses, the two quasi-government firms were seized by the Bush administration in 2008 and placed under total government control. The two firms have since taken more than $170 billion in taxpayer funds to provide stability to the struggling housing market.

Fox News debate moderator Brett Baier pointed out that in a previous debate, Gingrich said that Rep. Barney Frank, former Sen. Chris Dodd and Federal Reserve Chairman Ben Bernanke should be imprisoned for their roles in the financial meltdown. He pointed out that such statements could look hypocritical given that Gingrich supports government policy to encourage home ownership.

Gingrich defended his earlier remarks by saying that "Barney Frank was in public office with direct power over Freddie Mac [and] he exploited that power... I was a private citizen, engaged in a business like any other business."

Gingrich defended using policies to encourage home ownership, calling it a "good conservative principle."

"We should have as a goal helping as many Americans as possible help buy homes," he said, defending the concept of government sponsored enterprises as a useful model in various circumstances.

Rep. Ron Paul blasted Gingrich for his endorsement of the hybrid structure, calling such enterprises part of "the worst kind of economy."

"Some people say if it goes to the extreme it becomes fascism because big business and big government get together," Paul said.

Paul has hammered Gingrich for his affiliation with Freddie Mac in ads, including one called "Selling Access" and one called "Serial Hypocrisy."

More from the debate:

GOP candidates: Oust Holder for Fast and Furious
Romney praises Medicare overhaul proposal
Rick Perry hopes to be the Tim Tebow of Iowa caucuses
Gingrich, Paul challenge electability questions

[SinkingWorld]

How many times can they write an article about Mr. Gingrich's ties to Freddie Mac? On a side note, what a terrible election year this is going to be.

[starving1968-3]

by vsmit December 16, 2011 8:37 AM EST
The record of Obama doesn't have any ring to it at all.







What part of Obama's record don't you like?

The killing Bin Laden part?

Stopping the republican caused economic collapse of 2008?

21 straight months of job growth?

The near DOUBLING of the value of the stock market and the related 401k's and pensions?

[kevjustice]

if bush killed bin laden they would delare a national holiday! lol!

[TJphoto]

The term Lobbyist has becomes symbol of corruption in politics simply because they come armed with cash & gifts. There is not a single candidate running who is not willing to talk to them & take their cash. In closing, Michele Bachmann Shut the Frick up, people are hurting out there and you're not part of the solution, you're part of the problem.

[kevjustice]

newt says he was working as a "historian" lol! the highest paid historian in the world! lol!

[kevjustice]

newt went shopping for jewelry with dez bryant! both spent millions! lol!

[cattiej]

Newt's wife #3 looks like a plastic barbie. Newt probably received millions of dollars more from Freddie than he claims. Anyone wanna bet the Newt has an off-shore bank account. I still say that at the Republican convention that someone else will be nominated from the floor, i.e. Jeb Bush, John Boehner or someone else...all these contenstants are "players" and know they won't be the one to get the nod. Stay tuned folks, it's gonna be a bumpy ride. My money is on the person who brings back the jobs that the big fat corporations have shipped overseas to China and points East and West. We don't make the products we consume..we have too many people getting free money from those people like us who make less than 40K per year but are taxed to death and pay health insurance that is so expensive that we can't afford to get sick. 90% of our Rx meds are made in other countries, most of them are made in the country of INDIA. Nice that Obama had a state dinner for the head of the Indian government..I don't know his title. I just imagine that they slept in the Lincoln bedreoom at the White House. People, stop buying foreign cars, foreign goods. Demand that the places you shop sell American goods. These people running for the Republican party complain about government but they want to be Government...What's wrong with this picture..Everything!

[smirk5]

Gingrich would be a dream come true to Obama. And, those proposed 7 3 hour debates Gingrich talks about would be a cakewalk for Obama. Gingrich can't defend his positions past talking points. When you dig down to the core of many of Gingrich statements, there's either stupidity or nothing there. Please win the Republican nomination Gingrich. By the way, I knew the Republicans were never going to nominate a black man for President. Cain was wasting his time from the start.

[Robert_In_Texas]

When Gingrich left Congress in 1999 Freddie Mac was in great shape and the housing industry was reaching its zenith. Freddie Mac's lobbying cost were $2.4 million. In 2006 it was $8.8 million with Chris Dodd being the number 1 recipient of campaign money from both Freddie and Fannie. Hmm, big corporations evidently are supported by liberals as well as conservatives.

[cbsnewsboy1]

Ha ha, the billions the CBS rakes in by directing PUBLIC OPINION to liberal socialists, makes poor Neuts income stream look paltry. Dear CBS, stop trying to Pick the Republican candidate, the next president of the United States. ANY candidate OTHER than the 'Empty Suit" (BJ Bill Clinton's words) OBama, will do a better job of creating jobs, and making America a fair and prosperous nation again.

[dzaffina]

fair! hahahahahahahahahahahahahahahahahahahahahahah

[davemartin12345]

Up until Gingrich decided to run he was on right-wing billionaire Rupert Murdock's Faux news as paid consultant (sockpuppet) for Murdock.

What if Obama would have been on George Soros' direct payroll, any problem with that?

Anyone that thinks Murdock's Faux news doesn't have a dog in this hunt needs to learn what Murdock TRIED to do in the United Kingdom.

Right-wing billionaire Rupert Murdock already has his tentacles firmly wrapped around Gingrich. Nothing like having your personal sockpuppet as President of the United States!

It's good to be a billionaire!