Newt Gingrich weighs in on financial regulation and Obama’s stimulus
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Former House Speaker Newt Gingrich spoke with Reuters reporter John McCrank at an inauguration event at the Canadian Embassy in Washington. Gingrich discusses whether the financial system needs more regulation and how long it will take for the economy to recover: “It’s like having a big tummy-ache and long a stretch of indigestion.”
He also weighs in on Obama’s stimulus plan: “Ironically he ran on change you can count on and his stimulus is basically Bush plus.”
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While the US political elite keeps living in the dream-land of an isolated American economy, it will be very difficult for any effective regulatory framework to rise. It is still unclear what direction of the new Obama administration is going to take. Without a global approach it will be pretty hopeless: finance is global, you cannot keep all regulation on national level.