Congress should rescind bailouts and let companies go into bankruptcy, former House Speaker Newt GingrichNewton (Newt) Leroy GingrichMORE (R-Ga.) said yesterday.

"Replace the bailout with bankruptcy, for all of them," Gingrich told a class at Tulane University, where he was visiting Democratic strategist James Carville's class.

Gingrich pegged the bailouts for corporations as the "Bush-Obama strategy," and called Bush administration Treasury Secretary Henry Paulson the worst in history.

"You can't have capitalism on the way up and socialism on the way down," Gingrich said, according to the New Orleans Times-Picayune. "You want to teach people around the planet, don't make stupid investments."

(h/t GOP12)