One of most prominent no votes against the Paulson-Bernake bailout bill on Monday came from John Shadegg of Arizona, who is number 5 in the House Republican leadership.

Now, it appears that Shadegg has caved and will vote yes on the bill later today:

Rep. John Shadegg (R-Ariz.) signaled Wednesday that changes being discussed for the Wall Street bailout could prompt him to change his vote and support it.

Shadegg, interviewed on Arizona radio station KTAR, said raising the FDIC insurance cap from $100,000 to $250,000 and suspending the SEC’s mark-to-market accounting rules would likely win his vote. “If they make both of those changes, I’d be inclined to vote for the bill, assuming there have not been any bad things added to it,” he said.

The switch would be a major boost for Republican leaders — Shadegg is a former chairman of the Republican Study Committee, the conservative wing of the conference that helped sink the bill on Monday when 81 of its 106 members voted against it.

In the interview, Shadegg said he is “highly optimistic” the package will pass on its second try this week.

To say the least, this is disappointing.

Shadegg is a member of the Board of Advisors of the Republican Liberty Caucus, which has come out against the bill, and has, until now, been one of the few members of the House Republican leadership to sound a clear and consistent voice for the free market and individual liberty.

If there’s any chance that Shadegg can be persuaded to stick to his original vote, now is the time to tell him to do it. If you live in his district, or even if you don’t, call his office at (202) 225-3361 and tell him to vote “No” for the Crap Sandwich with Pork bailout.