Business

Gingrich Supports Bailout Plan

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Yet another naysayer reverses course.

Gee, I wonder why…

Former House Speaker Newt Gingrich reversed course on Monday, issuing a statement saying that if he were still in office he would “reluctantly and sadly” support the $700 billion Wall Street bailout bill.

Gingrich, who led the charge against the bailout last week, explained his change in position by saying that the House Republicans, “reinforced by John McCain,” have improved the bill “significantly” so it is “less bad” than the original proposal offered by Treasury Secretary Henry Paulson.

While saying that he sympathizes with any member of Congress who votes “no” Gingrich says in his statement that the crisis of the credit markets is real and could have “horrendous” consequences.

But hey Newt, thanks for stirring the pot this weekend and turning a lot of folks against this.

Moving on…