After many feints in this direction dating back to 1996, Newt Gingrich seems to be finally preparing a run for president. Generally, he is not being taken as seriously as potential candidates like Sarah Palin, Mitt Romney, and Mike Huckabee—or even D.C. insider heartthrobs such as Haley Barbour, Mitch Daniels, and Chris Christie. I agree with this assessment of Gingrich’s potential, to an extent; he’s the opposite of a fresh new face, and the guy’s baggage rivals Charlie Sheen’s. Yet having carefully watched Gingrich up close since he was a Rockefeller Republican in the 1970s, I also know that he...