The DNC’s attempt to smear Gingrich: But Newt was right – Freddie and Fannie Refused His Advice

ABC News

Comment by Jim Campbell

While Mr. Gingrich certainly was paid well for his consulting work, it also appears, at least to this point, he was being quite honest in his description regarding both his role as a consultant, and Freddie Mac’s repeated unwillingness to follow the advice Gingrich offered regarding their “insane lending practices”

This appears to be the only seemingly balanced report on this issue to date. Obama and the democrats are desperate. Thus they will result to what they know, smears, attacks, and sound bites that they hope their constituency will remember.  The problem with this strategy is that Obama is alienating more and more of his base as they don’t want to go down with his ship.  Count on it, those that voted for him last time just won’t be show up at the polls. 

ap newt gringrich nt 111116 wblog Newt Gingrich to Release Freddie Mac Records, Denies Lobbying

Richard Shiro/AP Photo

From the statements coming from the occupy Wall Street crowd it’s difficult to decide who is more out of touch with reality. Both are clearly confused.

Is anybody wondering why Politics is called “Blood Sport?”

That’s my story and I’m sticking to it, I’m J.C. and I approve this message.

Newt Gingrich to Release Freddie Mac Records, Denies Lobbying

Before the meltdown happened Newt predicted that it would.

A Freddie Mac spokesman confirmed to ABC News that Gingrich was a consultant for the group, not a lobbyist, but would not disclose his financial payout or details of his contract.

Even though it may not have been defined as such, the reports have many wondering whether Gingrich’s work came close to lobbying.

He may be climbing in the polls, but Newt Gingrich has little time to bask in his renewed popularity as he finds himself defending his role and pay at Freddie Mac.

Gingrich’s campaign said today they will release all the documents they legally can of his contract with the once-beleaguered housing giant. Gingrich continued to staunchly deny reports that he ever lobbied for the group, but he skirted questions about the financial payouts he received from Freddie Mac for his contracting work.

Bloomberg News reported Tuesday that the former House speaker made between $1.6 million and $1.8 million in consultation fees in a nine-year span. Sources told Bloomberg that in 2006, Gingrich was asked “to build bridges to Capitol Hill Republicans and develop an argument on behalf of the company’s public-private structure that would resonate with conservatives seeking to dismantle it.”

Gingrich says he never lobbied on behalf of Freddie Mac and that he simply offered “strategic advice over a long period of time.”

“I was approached to give strategic advice. I was glad to offer strategic advice and we did it for a number of companies and Gingrich Group was very successful,” he said today at a fundraising breakfast in Iowa.

Speaking on the radio program the “Mark Levin Show” Wednesday Gingrich said that he did not have to take any clients whose views and actions did not coincide with his own.

“We said flatly from day one we will do no lobbying of any kind, and I will not take any client who has a position I don’t agree with,” Gingrich said.

When asked about his compensation, the former congressman said he couldn’t verify the specific amount. Gingrich later said on the “Mark Levin Show” that “they paid a fee which is a relatively standard Washington fee for that kind of advice,” and that “they pay pretty reasonably.”

In a climate where Americans are disgruntled with Washington, it has also given ammunition to Gingrich’s opponents to paint him as Washington insider. Rep. Michele Bachmann made the first swing, attacking Gingrich for taking money from Freddie Mac, which most Republicans advocate shutting down.

The report has also raised questions about his credibility. Gingrich said during the CNBC debate last week that he told Freddie Mac that giving loans to people who have no credit history or a viable financial record is a bubble and “is insane.” Speaking on the “Mark Levin Show” Wednesday he said that he advised the company to restructure their business.

“I spent a fair amount of time trying to suggest a totally different model, where if you wanted to expand the number of people owning homes, you need to expand the number of people capable of owning homes,” Gingrich said. “You don’t just give people a house, because they have no idea what they’re doing.”

But sources told Bloomberg that Gingrich neither predicted the housing bubble nor did he raise concerns about Freddie Mac’s business model.

The former House speaker said today that he provides the same advice in public that he does in private. But soon after his contract with Freddie Mac ended, Gingrich turned on the organization.

He has blamed Freddie Mac and Fannie Mae for distorting the home loan market, and Democrats for having close ties with lobbyists at Freddie Mac. But he’s avoided mentioning his own connection to the government-backed lender.

“If you want to put people in jail… You ought to start with Barney Frank and Chris Dodd. And let’s look at the politicians who created the environment, the politicians who profited from the environment, and the politicians who put this country in trouble,” Gingrich said during the Washington Post/Bloomberg GOP debate on Oct. 11. “In Barney Frank’s case, go back and look at the lobbyists he was close to at Freddie Mac.”

Gingrich now supports disbanding both Fannie Mae and Freddie Mac, and wants to get “much smaller institutions back into the private sector to be competitive and to be responsible for their behavior.”

When asked today how he will have the discipline to confront the new scrutiny, Gingrich blasted the “elite media” and expressed confidence that he will easily jump this hurdle.

“I’ve confronted the scrutiny… in an even-keeled way,” he said today at a forum held by Politico in Des Moines, Iowa. “If I blow up and do something utterly stupid, they [GOP voters] will go, I wonder who the next candidate is. … Everybody will dig up everything they can dig up and that’s fine they should. Everyone will, they didn’t do this on Obama, but then after all, the elite media wasn’t exactly eager to learn much about him when he was running.”

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6 thoughts on “The DNC’s attempt to smear Gingrich: But Newt was right – Freddie and Fannie Refused His Advice

  1. I hope his papers show pretty much what he says. I think they will because I think Newt Gingrich is pretty honest.

  2. Gingrich is a Zionist. Please americans do not vote Zionist for the USA presidency nor for Congress. Zionists planned de economic crisis and are executing it to get non zionist to become poorer and poorer. America is one of the poorest countries in the world because zionists intententionally destroied the nation and the nationalist spirit of the true americans. Please do not elect zionists if you want to save your coutry and it’s people. Zionists are like catholic priests. National citizans working for a foreign state.

    • How about some proof that Gingrich is a Zionist? By proof I mean from a credible source not the anti Jew BS you have allowed to brain wash you tiny mind. Frankly I don’t think you would know a Zionist if one jumped up and bit you on the ass. JC

  3. What Freddie and Fannie were doing was a result of the CRA Lawsuit in 1994. The CRA Lawsuit against Citi Bank forced banks and mortgage companies into giving loans to unqualified borrowers. Poor regulations had nothing to do with what happened. Google the CRA Lawsuit and see who cost Americans their jobs and homes.

  4. How could Gingrich be a zionist, you dolt. A Zionist is a member (not formal organization) of a world-wide movement to establish a homeland for the Jewish people in Jerusalem. And I”ll tell you what
    Mr. Batalim, if the Jewish people hadn’t won the seven day war against the Arab and Muslim world, there would be no justice in this world! Do you forget Hitler? Do you forget Russia? Do you remember God? What kind of group think have you been exposed to that you can call a man a Zionist as if that were a dirty word even though you have no idea what a Zionist is? As a Christian, I am deeply offended by such crassness. You need a crack at education, not indoctrination. Did you by any chance go to Harvard? That might explain it.

  5. P. S. Newt is a Catholic. Go Newt!

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