Former Governor of Alaska Sarah Palin greets supporters in Urbandale, Iowa
Former Governor of Alaska Sarah Palin greets supporters in Urbandale, Iowa Reuters

Sarah Palin on Saturday delivered a speech to Tea party supporters in Iowa where she criticized U.S. President Barack Obama, lashed out against those in the permanent political class and condemned corporate crony capitalism that she said is destroying America.

It's not the capitalism of free men and free markets, of innovation and hard work and ethics, of sacrifice and of risk, Palin told the crowd of approximately 2,000. No, this is the capitalism of connections and government bailouts and handouts. It's a waste . . . and influence peddling and corporate welfare.

She said it's the same crony capitalism that destroyed Europe's economies and it's a slap in the face to our small business owners who she said the economic engine.

Palin tapped into everything that people were dissatisfied with in Washington and blasted Obama's policies, saying he has showed us cronyism on steroids, which she said can be detrimental if it isn't stopped now.

The challenge is not simply to replace Obama in 2012, Palin told the crowd of about 2,000, but the real challenge is who and what we will replace him with.

Palin, amongst shouts of Run, Sarah, Run, said a change of uniform isn't enough. Instead, she said the game plan needs changing.

We need sudden and relentless reform, and that will return power to we, the people, she said.

Palin told the crowd to look out for Obama's upcoming speech where he will reveal his new super duper jobs plan, lofty goals, and flowery rhetoric ... more illogical economic fantasies and more continued blame and finger pointing.

She claims Obama's solutions will result in more payoffs for his friends and supporters.

Folks, the truth is Barack Obama is adrift with no plan because his fundamental transformation is at odds with everything that made this country great, Palin said. It doesn't make sense. He doesn't make sense.

Obama wants to win the future by investing America's money in more solar panels and really fast trains, Palin said.

We are flat broke but they think that these panels and really fast trains are going to magcally save us, Palin said. He's shouting, 'All aboard Obama's bullet train to bankruptcy. The only future Barack Obama is willing to save is his own reelection.

While Obama is on track to raise a billion dollars for his reelection campaign, Palin said Republican candidates have also managed to raise mammoth amounts of cash.

The former vice presidential nominee warned tea party activists that they must keep tabs on what they owe to their big-spending campaign donors.

We need to ask them too, what, if anything, do their donors expect from their investments, Palin said. Our country can't afford more trillion-dollar thank-you notes to campaign backers.

Palin talked for about 40-minute on stage in a rain-dampened Iowa field. She did sound like a candidate for the 2012 tcicket, but stopped short of declaring whether she will be gunning for the White House.

I'm still not ready to make any kind of an announcement, Palin told The Des Moines Register. I'm still trying to figure it out, if it's the right thing to do.

Although 71 percent of Republicans in a recent Fox News survey said she shouldn't run for president, Palin laughed off polls in general, saying, they're for strippers and cross-country skiers.

Here's Palin's proposed five steps to stimulate the economy and create jobs:

- Stop expanding an out-of-control and out-of-touch federal government. All power not specifically delegated to the federal government by the Constitution is reserved for the states, she said, paraphrasing the 10th Amendment.

- Reduce regulations on the private sector. Start by repealing Obamacare, President Barack Obama's health care reform law.

- Reduce the federal debt by prioritizing and cutting spending, canceling unused stimulus funds and enacting entitlement reforms.

- Grow the nation's energy production to stimulate the economy and increase national security. This would require an increase in domestic oil drilling.

- Make America the most attractive country in the world for businesses by eliminating all federal corporate income taxes. Balance the loss of revenue by eliminating corporate welfare, bailouts and tax loopholes.

Watch Palin give her speech to Tea Party faithfuls in Iowa below: