Newt Gingrich, the former House Speaker, thinks that the White House is “insane” and the Democrats on Capitol Hill are desperate for socialism. The White House has been misled in its response to the credit crisis by its Goldman Sachs heavy crew of advisers, Gingrich said in an interview. He then went on to call for Treasury Secretary Hank Paulson’s resignation.
Speaking to a reporter at a conference in Georgia, Gingrich said that he expected Republicans in the House will reluctantly support the bailout. But it will be his harsh words about Bush administration’s economic team that will get the most attention. From the Atlanta Journal Constitution:
“It’s a little bit like trying to get the car out of the ditch when the driver is determined to drive it into the swamp. I think Paulson is destructive. I think he ought to resign. I think this is bad for the country. I think his arrogance is unending. I think the fact that he’s saying publicly, ‘Well, you can give me that provision, I won’t ever use it,’ just tells you the bad faith that they have had at Treasury from Day One.
“But you end up in a reality. The reality is the current president, the current secretary of the treasury, the current liberal Democrats — and I think what you’re going to see is that a totally bad deal became marginally bad deal.
“But it’s probably impossible, without the president getting a new secretary of the treasury, to get to a good deal. Which I think’s just tragic, and bad for the country. We’re taking an immediate tummy ache, and we’re in danger of turning it into cancer.”
Gingrich usefully called for the entire text of the bailout bill to be posted to the internet at least 24 hours before any vote, giving the public a chance to review it.
Business Insider Emails & Alerts
Site highlights each day to your inbox.