Representative Barney Frank, the economic genius that he is, is now telling everyone how allowing Detroit’s three stooges, GM, Chrysler and Ford, to enter bankruptcy would be a “disaster”. This is, of course, the same economic “genius” that stood up and defended the sub prime lending practices Congress foisted on the banking industry and even as it was collapsing, refused to recognize the problem. So forgive me if I say that he doesn’t know his ass from a hole in the ground.
The chief executives of General Motors Corp, Ford Motor Co and Chrysler Corp wrapped up their second visit to Washington in as many weeks without a clear path to the $34 billion in loans they are seeking.
Frank, the Massachusetts Democrat who chairs the House of Representatives Financial Services Committee, said the economy would be devastated if an automaker were forced into bankruptcy or shut down.
“In the midst of the worst economic situation since the Great Depression it would be an unmitigated disaster,” he told a hearing with the CEOs.
No, here is what would be a truly “unmitigated disaster” Mr. Frank; if the “Big Three” were not forced to deal with their own bad decisions ranging from paying huge bonuses to under performing executives to kowtowing to union demands for all sorts of things that cost the company thousands of dollars per car to bowing to every idiotic demand of Congress (i.e. arbitrary fuel efficiency standards, etc.) instead of telling them to go pound salt. Let them go bankrupt and learn their lessons.
Besides, there is no authority in the Constitution for you to interfere with their failing business models. But I am sure that like most liberals you are not overly concerned about that glaring problem with your plans right?
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