Newt Gingrich

thank you for allow me to join you todai to share some thought about the futur of our countri __PUNCT__

todai __PUNCT__ more american ar without job __PUNCT__ and for longer period of time __PUNCT__ than at ani time in our histori sinc the great_depress __PUNCT__

we have seen a collaps in home_price on a scale wors than dure the great_depress __PUNCT__

on out of everi four american home is now worth less than it mortgag __PUNCT__

home in the atlanta area ar now worth no more than thei were at the end of __NUM__ __PUNCT__

and there ar some sign home_price mai continu slide __PUNCT__

there ar nearli __NUM___million_peopl __PUNCT__ nearli on in seven american __PUNCT__ current receiv food_stamp __PUNCT__ the highest number in histori __PUNCT__

we spent___MONEY__ __MONEY___billion on unemploy compens last year __PUNCT__ again __PUNCT__ the highest figur in histori and over seven time what we were spend just a decad_ago __PUNCT__

the pain inflict by the obama depress run_deep __PUNCT__

beyond the __NUM___million_american who ar __PUNCT__ offici __PUNCT__ unemploi __PUNCT__ anoth __NUM___million_american have becom disillus and have given up look for job altogeth __PUNCT__

the unemploy_rate for african __PUNCT__ american youth look for work wa a stagger __NUM__ __PUNCT__ in mai __PUNCT__

the job crisi is an histor nation crisi and the obama_administr ha onli made it wors by pursu job __PUNCT__ kill polici after job kill polici __PUNCT__

thi is why i will spend everi dai of my campaign and then everi dai of my administr __PUNCT__ if elect __PUNCT__ work for econom_polici that help creat_job __PUNCT__ not kill them __PUNCT__

we need to replac the __PUNCT__ food_stamp presid __PUNCT__ with a __PUNCT__ paycheck presid __PUNCT__

i truli believ we can overcom thi crisi __PUNCT__

i believ we can creat_job and get america on the right track __PUNCT__

but renew america will requir the commit __PUNCT__ persever __PUNCT__ and hard_work __PUNCT__ not of ani on man or woman __PUNCT__ but of american from everi walk of life who ar unit by a belief in freedom and self __PUNCT__ govern __PUNCT__

last month __PUNCT__ i wa the first presidenti_candid to put_forward a job and prosper plan __PUNCT__

it start with cut_tax __PUNCT__ cut_spend __PUNCT__ cut burdensom regul __PUNCT__ and enact an effect american_energi energi_polici __PUNCT__

we must make_america onc again the most desir countri in the world for job creat invest __PUNCT__

to do thi we need a bold seri of four tax_cut __PUNCT__

we should elimin the capit_gain gain_tax and the death_tax __PUNCT__

we should reduc america corpor_tax tax_rate __PUNCT__ now the second highest in the industri_world __PUNCT__ to __NUM__ __PUNCT__

and we should allow for __NUM__ __PUNCT__ expens of invest in new equip __PUNCT__

we should also not rais current tax_rate now __PUNCT__ or in the futur __PUNCT__

i will block ani propos tax_increas in __NUM__ and beyond __PUNCT__

it make no sens to rais_tax and kill more job in a deep recess __PUNCT__

the obama_approach on energi ha been to erect barrier that prevent us from take advantag of our vast american natur_resourc __PUNCT__

in the process __PUNCT__ the price of a gallon of ga ha gone up by nearli two dollar sinc he took offic __PUNCT__

we need an american_energi energi_polici that favor less expens gasolin __PUNCT__ diesel __PUNCT__ natur_ga __PUNCT__ and electr __PUNCT__

we also need sever pro __PUNCT__ growth regulatori_reform that remov obstacl to job_creation __PUNCT__

thi begin with repeal_obamacar and replac it with a pro __PUNCT__ job __PUNCT__ pro __PUNCT__ respons plan that focus on patient power and put doctor and patient in charg of health decis instead of bureaucrat __PUNCT__

the gingrich job and prosper plan will be a dramat revers of the polici of the obama_administr __PUNCT__

it take respons out of washington and put it in the hand of american entrepreneur and consum __PUNCT__

you can find all the detail of the gingrich job and prosper plan at __URL__

howev __PUNCT__ there is littl hope that these tax and regulatori chang will sustain long __PUNCT__ term_econom econom_growth if thei ar not also accompani by a fundament reapprais and restructur of the feder_reserv and the repeal of the dodd __PUNCT__ frank legisl __PUNCT__ which ar the focu of my remark todai __PUNCT__

let start with the feder reserv __PUNCT__

the oper of the feder reserv have an extraordinari impact over our everydai live __PUNCT__

the fed influenc how much monei is circul in the economi __PUNCT__ the valu of the dollar __PUNCT__ and what we pai to borrow from bank in the form of interest_rate __PUNCT__

sinc the enact of legisl in __NUM__ known as the humphrei __PUNCT__ hawkin act __PUNCT__ the fed ha had a dual mandat __PUNCT__ maximum employ and stabl price __PUNCT__

these two goal ar incompat __PUNCT__

as a part of a thorough reapprais of the role of the feder_reserv_system __PUNCT__ congress should immedi narrow the focu of the fed to the sole goal of stabl price __PUNCT__

senat bob corker mai have said it best when he describ the fed as have todai a __PUNCT__ bipolar mandat __PUNCT__ thi mean that the same polici that the fed us to encourag job and econom_growth ar also the mechan that most danger weaken the valu of the dollar by promot inflat __PUNCT__

for exampl __PUNCT__ the fed might increas the monei_suppli substanti in the belief that such monetari expans will spark econom_growth __PUNCT__

but a fed that flood the economi with new dollar in an attempt to stimul econom growth and new job is a fed that decreas the valu of everi dollar in everi american pocket through higher inflat __PUNCT__ make everi american poorer __PUNCT__

look at what ha alreadi happen __PUNCT__

todai we have a dollar that is stunningli weaker than it us to be __PUNCT__ and the price of everyth from gasolin to groceri is steadili drift upward __PUNCT__

a dollar in __NUM__ onli bui what __NUM___cent did in __NUM__ __PUNCT__

the euro and dollar were at pariti in __DATE__ __PUNCT__ todai __PUNCT__ the dollar onli bui __NUM__ euro cent __PUNCT__

that right __PUNCT__ even as the greek economi crumbl __PUNCT__ threaten a domino_effect across southern europ __PUNCT__ the euro is still worth nearli __NUM__ percent of the dollar __PUNCT__

histor low_interest_rate made possibl by fed polici over the past_decad fuel an inflationari hous_bubbl __PUNCT__

home_price explod due in part to the avail of cheap credit onli to collaps disastr in __NUM__ and __NUM__ __PUNCT__

as a result __PUNCT__ the averag_american home is worth no more than it wa a decad_ago __PUNCT__

the fed dual mandat also neg affect job_creation __PUNCT__

to put it briefli __PUNCT__ we will never be abl to achiev sustain long __PUNCT__ term job creation in thi countri if the fed continu to artifici affect the level of interest_rate __PUNCT__

artifici interest rate distort invest decis all across the economi __PUNCT__ result in a misalloc of product_resourc that cannot be sustain over the long_term __PUNCT__

eventu __PUNCT__ artifici low_rate lead to an econom bust and widespread job_loss __PUNCT__

onli when interest_rate ar no longer manipul can busi and entrepreneur determin the right invest that can in turn lead to sustain job_creation throughout the economi __PUNCT__

__PUNCT__ dure the __NUM__ financi_crisi __PUNCT__ the power of the feder_reserv took center_stage __PUNCT__

in the heat of the crisi __PUNCT__ the fed made thousand of emerg loan to bank and other larg institut for reason that ar not entir clear __PUNCT__

these loan total at least three trillion_dollar __PUNCT__

at the time __PUNCT__ all of thi monei wa lent out with complet secreci __PUNCT__ with no oversight from our elect_repres in congress __PUNCT__

we ar onli begin to learn about the true natur and scope of the lend __PUNCT__

what we ar discov is shock and infuri __PUNCT__

if that were not bad enough __PUNCT__ feder_reserv chairman bernank then spent the next two year fight to make sure the american_peopl did not know who actual receiv ani of thi monei __PUNCT__

now __PUNCT__ thank in part to a tenaci effort by bloomberg and the fox busi channel __PUNCT__ along with commit legisl __PUNCT__ the fed ha begrudgingli made two round of disclosur about who got the monei and how much between __NUM__ and __NUM__ __PUNCT__

the truth is shock __PUNCT__

for exampl __PUNCT__ between __NUM__ and __NUM__ the fed extend dozen of loan __PUNCT__ total at least five billion_dollar __PUNCT__ to the arab bank corpor __PUNCT__

a major_sharehold of the arab bank corpor is the central_bank of libya __PUNCT__ which is control by muammar gaddafi regim __PUNCT__

other exampl show that while the treasuri wa bail out the american auto_industri __PUNCT__ the fed wa busi purchas secur from foreign competitor __PUNCT__ includ german firm bmw and volkswagen __PUNCT__ and japanes firm toyota and honda __PUNCT__

it is a fact that the fed also purchas hundr of billion of dollar worth of secur from foreign bank __PUNCT__ includ germani deutsch bank and switzerland credit suiss __PUNCT__

and dure thi time the fed extend billion of dollar in commerci credit to american_corpor giant __PUNCT__ such as gener_electr __PUNCT__ verizon __PUNCT__ caterpillar __PUNCT__ and mcdonald __PUNCT__ in late __NUM__ and earli___NUM__ __PUNCT__

with so much activ go on behind the close_door of the feder_reserv in washington and new york __PUNCT__ we must undertak a full __PUNCT__ scale and comprehens audit of the feder reserv __PUNCT__

we should never again have to go to court and beg to find out what action the politician and bureaucrat ar do that risk depreci the dollar and expos the taxpay to enorm loss __PUNCT__

it is our right to know now who got the monei and why __PUNCT__

a few bold measur by congress and media_outlet have begun to shed_light on exactli what happen dure the crisi __PUNCT__ but we deserv the whole stori __PUNCT__

a comprehens audit of the feder_reserv and a narrow of it statutori mandat should onli be the begin of reassess the role of the feder reserv __PUNCT__

decis by unelect and larg unaccount feder reserv bureaucrat natur leav american_feel outrag and helpless __PUNCT__ especi when these decis have as a consequ the debas of our currenc and the bail out of favor interest __PUNCT__

unfortun __PUNCT__ thi idea that we would want a dramat more limit feder_reserv is not veri popular in washington __PUNCT__

and let me sai in thi regard that there is no elect_offici who ha done a greater job of bring to public_attent the veri seriou problem rais by the oper of the feder_reserv than texa congressman and presidenti_candid ron_paul __PUNCT__

we all ow him a debt of gratitud for focus our attent on the veri real eros of american_freedom and prosper caus by the action of the feder_reserv __PUNCT__

__PUNCT__ the second subject of my remark todai concern the legisl known as __PUNCT__ dodd __PUNCT__ frank __PUNCT__

i believ that the dodd __PUNCT__ frank legisl is the most destruct assault on busi in a decad __PUNCT__

thi legisl posit discrimin against independ and commun_bank and buri them under a blizzard of red_tape and regul __PUNCT__ make it hard for them to surviv __PUNCT__

yet __PUNCT__ independ and commun_bank ar the veri lifelin to american small_busi __PUNCT__ which ar themselv the engin of american_job job_creation __PUNCT__

these independ and commun_bank support over half of the small_busi loan made in america __PUNCT__

fewer independ and commun_bank mean fewer small_busi loan __PUNCT__ which mean fewer job and rise unemploy __PUNCT__

it is a job kill equat that that author of dodd __PUNCT__ frank appar never bother to evalu __PUNCT__

becaus dodd __PUNCT__ frank is legisl that kill job __PUNCT__ it must be repeal __PUNCT__

it is yet anoth exampl of the left overreact to a crisi by alloc massiv new regulatori_power to bureaucrat __PUNCT__ the same bureaucrat who claim to have been in control immedi prior to the crisi __PUNCT__

we saw thi same faith in bureaucraci phenomenon in __NUM__ with the passag of the sarban __PUNCT__ oxlei act __PUNCT__ which place prohibit expens complianc burden on publicli trade firm and erod american competit and which is still kill job todai __PUNCT__

accord to the u. __PUNCT__ chamber of commerc __PUNCT__ dodd __PUNCT__ frank contain __NUM__ mandat rulemak __PUNCT__ anoth __NUM__ suggest rulemak __PUNCT__ and provid for __NUM___report and __NUM___studi __PUNCT__

dodd __PUNCT__ frank harm small independ and commun_bank in two princip wai __PUNCT__

first __PUNCT__ it creat two class of bank __PUNCT__

big_bank that have the back of the feder_govern __PUNCT__ and small bank that do not __PUNCT__

dodd __PUNCT__ frank propon claim that it end __PUNCT__ too big to fail __PUNCT__ the practic of the govern guarante that it will us taxpay_dollar to save a fail_bank __PUNCT__ so long as it is big enough __PUNCT__

howev __PUNCT__ the govern will be give special attent to the big_bank that it deem to be __PUNCT__ system import __PUNCT__ as my former colleagu at the american_enterpris_institut peter wallison point out __PUNCT__ these big_bank mai be scrutin more heavili than other __PUNCT__ but thei will also have implicit guarante for govern_support that other will not have __PUNCT__

__PUNCT__ the __PUNCT__ dodd __PUNCT__ frank __PUNCT__ dfa chang the competit environ for financi_servic in the unit_state by provid for differ regul of larg firm than small on __PUNCT__

in effect __PUNCT__ the firm that ar design as system import have been declar too big to fail __PUNCT__

while the act also provid that these firm cannot be bail out in the event of their failur or financi distress __PUNCT__ it give the feder deposit insur corpor enough author and discret to save most if not all of their creditor from loss in the event of their failur __PUNCT__

thi __PUNCT__ togeth with the fact that these firm will be special regul by the fed __PUNCT__ will creat moral_hazard __PUNCT__ the creditor of these compani will believ that thei face lower risk of loss than the creditor of other compani __PUNCT__

for thi reason __PUNCT__ the compani design as system import will like have a lower_cost of fund than their smaller competitor and thu an unfair competit_advantag that will suppress competit from smaller firm __PUNCT__ with govern_back __PUNCT__ these big_bank will have substanti competit_advantag over their smaller competitor who will be left to fend for themselv __PUNCT__

major investor will put their monei in govern guarante too big to fail_bank and avoid small independ bank which will be starv of major depositor __PUNCT__

second __PUNCT__ dodd __PUNCT__ frank will creat stagger new cost that bank will have to pai in order to compli with all of the new regul __PUNCT__

as with ani new regulatori_burden __PUNCT__ smaller institut ar at a sever disadvantag compar to larger institut when it come to complianc __PUNCT__

goldman_sach will be abl to hire __NUM__ lawyer in order to compli with new rule without much of a problem __PUNCT__

but for smaller bank that serv commun __PUNCT__ even bring in on new employe to deal with complianc could make the differ between turn a profit and go out of busi __PUNCT__

commun_bank have been urg to keep substanti more capit on hand in order to pai for the new regul in dodd __PUNCT__ frank __PUNCT__

thei have been told that thei mai have to merg or els risk shut down complet __PUNCT__

thi would be a tragedi __PUNCT__ and devast for anyon who want to start or expand a small_busi and creat_job for the __NUM___million_american current unemploi __PUNCT__

and the bureaucrat rulemak goe on __PUNCT__

regul ar now consid a rule aris from dodd __PUNCT__ frank that would penal bank for make home_loan to anyon except borrow will to put a __NUM__ percent down payment on a new home __PUNCT__

such a propos rule reflect a fundament misguid worldview that prevail in washington __PUNCT__ that bureaucraci know best __PUNCT__ that bureaucraci ar capabl of effect central econom_plan __PUNCT__ that bureaucraci and their rulemak ar superior to the price and practic that aris from the give and take of a free_market __PUNCT__

when we have a greater home_price reduct than in the great_depress doe it make ani sens to make it even harder to bui a hous thu further depress hous valu __PUNCT__ when on out of everi four american home is worth less than it mortgag doe it make ani sens for our govern to make a hous reviv even more difficult and even further awai __PUNCT__ of cours not __PUNCT__

two major step toward a recoveri in job and hous valu ar clear __PUNCT__

first __PUNCT__ repeal the dodd __PUNCT__ frank law immedi __PUNCT__

second __PUNCT__ audit and reform the feder_reserv_system __PUNCT__

these ar action washington can take to clear the path to creat_job and rais home valu __PUNCT__

these ar action we should all demand that washington take now __PUNCT__

thank you __PUNCT__