GS: Latest Gingrich logic vacuum

If you listen to everything he says, it will compress your head to a volumeless state.

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Newt Gingrich took aim at Wall Street and by extension Republican presidential opponent Mitt Romney yesterday as the former U.S. House speaker said he isn’t running for president to “represent Goldman Sachs.”

Yet the investment firm Gingrich derided and the banking industry as a whole stand to gain from his proposals to eliminate the capital gains tax and repeal two financial-sector measures, four analysts said in separate phone interviews.

Gingrich’s tax package, which also calls for a reduction of the personal income and corporate tax rates, would be beneficial to many on Wall Street, including those at Goldman Sachs Group Inc., an investment banking firm based in New York, the analysts said.

“This is negative political rhetoric that’s not based on anything, either his own history or his proposed policies,” said Douglas Holtz-Eakin, an economic policy adviser to Republican presidential candidate John McCain in 2008. “He is proposing a flat, consumption-style tax, which gives incentives for people to use the financial system.”

Gingrich’s comments yesterday are “inconsistent with what he’s proposing,” said Holtz-Eakin, president of the American Action Forum, an anti-tax organization based in Washington. “It’s hard to defend on the logic.”