Gingrich: ‘Final collapse of the Bush administration’

Former House Speaker Newt Gingrich (R-Ga.) said the Wall Street bailout plan pushed by President Bush signaled the “final collapse” of the current administration. 

{mosads}“The Bush administration has now provided three case studies in arrogance, isolation and destructiveness: Michael Brown during Hurricane Katrina, Ambassador Jerry Bremer in Baghdad and Secretary [Henry] Paulson at Treasury,” Gingrich said. “It is a tragic and very expensive legacy. No conservative and no Republican should doubt how much it has hurt our cause and our party.”

The former Speaker reiterated his call for the resignation of Treasury Secretary Henry Paulson.

“As long as Secretary Paulson is in charge, it is impossible to get a creative or significantly better solution,” Gingrich stated, adding that the Treasury chief was “an even greater obstacle to a good bill than the liberal Democrats who run the House and Senate.”

Despite his objections, the former Speaker changed his position on the measure and said he “would reluctantly and sadly vote for the bailout were I still in office.” However, he added that he “understand[s] and sympathize[s] with any member who votes ‘no.' ”

His statement was issued before the bill was defeated in the House.

Gingrich predicted that the economy would “limp along and there will be a grave danger of yet another bailout next year,” unless Congress passes an economic growth and an energy bill.