Brutal, but true.

“Where to begin? One problem is the lack of candor. In Thursday’s Sioux City debate, Mr. Gingrich repeated his claim that he had never done a favor for Fan and Fred. But as Speaker in 1995, according to news reports at the time, Mr. Gingrich helped to kill an effort by then House Budget Chairman John Kasich to impose user fees on Fannie and Freddie. The fees were intended to offset the cost advantage provided to the companies by their implicit government guarantee.

Mr. Gingrich also knows that many Republicans were fighting against furious opposition, and at great political risk, to reform Fan and Fred in the early and mid-2000s. The heroes included then Congressman Richard Baker, Senator Richard Shelby and Bush White House aide Kevin Warsh. We were at the barricades too, and Mr. Gingrich was never seen in the rear of the reform camp, much less on the front lines. The Georgian could only have been on the payroll because Freddie thought he could help influence other Republicans against reform.

As for the destructive duo’s business model that Mr. Gingrich said he didn’t want to change, this was precisely their problem. Far from a private-public partnership, they were private companies with a federal guarantee against failure. Their model was private profit but socialized risk. This produced riches on Wall Street and for company executives. But taxpayers bore the risk of loss—to the tune of $141 billion so far. Why does the historian think they were called “government-sponsored enterprises”?

The real history lesson here may be what the Freddie episode reveals about Mr. Gingrich’s political philosophy. To wit, he has a soft spot for big government when he can use it for his own political ends. He also supported the individual mandate in health care in the 1990s, and we recall when he lobbied us to endorse the prescription drug benefit with only token Medicare reform in 2003.”

Gingrich’s numbers are plummeting. I have long railed against his supposed conservative bonafides. His rise over the last month was baffling except I suspect it was because of the weakness of the field in general which depending on the lastest debate performance any candidate can rise for a week or so. Readers know that I’m not at all impressed at the present offerings we have.

I simply can’t believe that what we have is the best we have to offer. We’d better find someone quick if we hope to win in 2012.