Tuesday, June 21, 2011

A sneak peek at Newt's speech on the Federal Reserve

From The Wall Street Journal:
In the latest salvo, former House Speaker Newt Gingrich is expected to call Wednesday in Atlanta for a "dramatically limited Federal Reserve." In the text of his comments released in advance, he criticizes the U.S. central bank for not staying focused on the strength of the dollar and for lending money to subsidiaries of foreign banks during the financial crisis.


In the text of his comments, Mr. Gingrich accuses the Fed of supporting Libya during the financial crisis. A New York subsidiary of Bahrain-based Arab Banking Corp. was among many foreign banks the Fed lent to during the crisis to prevent a global financial meltdown. The Libyan government has a large stake in the bank, though Fed officials have said most of the stake was purchased by Tripoli after the bank's loans from the Fed were repaid. A Fed spokeswoman declined to comment.
(Update: Newt has already posted a short video that mainly deals with the Fed):

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