Gingrich On The Bailout

Sleaze though he be, I agree with everything he says in this NPR interview about the $2,500 per person Wall Street bailout. And props to him for saying his own party is wrong on this issue:

Do you feel betrayed by the Bush administration and by the president?

Well, betrayed is too strong a word. I think what they’re doing is just wrong. And I think that it’s likely to fail and it’s likely to make the situation worse over time. And I think that [U.S. Treasury] Secretary [Henry] Paulson has shown almost no understanding of how a democracy operates. His initial draft would have given him $700 billion of your tax money with no oversight, no judicial review, no accountability. I mean, we’re not a dictatorship. . . .

But Mr. Gingrich, a lot of the Republicans in Congress seem to be saying this needs to go forward.

Well, I think they’re just wrong. I think we need to slow down, take a deep breath, hold public hearings, have experts testify, understand exactly what the agreement would be, where the money would go, how we would account for it. I don’t think the taxpayers should be socked for $700 billion for welfare for Wall Street. I think it’s fundamentally wrong, and I think that it is very likely to create a bureaucratic control of our financial system in a way that will cripple us for 20 years.

It’s little ironic to hear him complain about an executive branch “with no oversight, no judicial review, no accountability,” since that’s exactly what his party has tried to create over the last eight years. But at least now he gets to see that those powers can be used for things you don’t like, too.

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