Yesterday Harry Reid, Senate Majority Leader, announced that U. S. auto makers must submit plans for restructuring their companies if they want to get my tax dollars to bail them out. But that is not the funny part.
The automakers must submit their plans to the foremost business minds in congress--the financial geniuses that fought valiantly against critics of the government housing giants, Fannie Mae and Freddie Mac (the FMs). No one did more to encourage home loans to people who could not repay than Chris Dodd and Barney Frank. Now these Bobbsey Twins of financial idiocy will end up instructing the auto makers on how to be profitable!
Barney Frank famously said, about his opposition to more oversight of the FMs, "I do not want the same kind of focus on safety and soundness that we have in OCC [Office of the Comptroller of the Currency] and OTS [Office of Thrift Supervision]. I want to roll the dice a little bit more in this situation towards subsidized housing." Barney kept rolling, along with Chris Dodd, who received a sweetheart mortgage from the subprime king, Angelo Mozillo of Countrywide Financial, until they got snake eyes. Oh well, it was not their money, anyway.
Barney Frank is the guy who had an affair with a top Fannie Mae executive at the same time that he was the ranking democrat in charge of "regulating" Fannie Mae.
Now we are turning the auto companies over to these idiots.
A friend once griped to me that Ayn Rand's Atlas Shrugged set up government regulators as idiot straw men that she knocked down. To my friend, I say truth is now stranger than fiction.
I'm laughing.
I'm crying.
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