Diary

Barney Frank Predicts Second Big 3 Bailout

Barney Frank recently suggested that the Big 3 will need hundreds of billions in taxpayer money to get back on their feet.  Today he informs us that the $15-$18 billion currently under discussion ought to be enough to get Detroit to February, at which point a more Democratic Congress and a ‘friendlier’ White House will provide another check to be paid for by our grandkids:

Rep. Barney Frank said Monday that the incoming Obama administration will likely explore a second, long-term bailout of automakers next March while saying an agreement on the first is nearly complete.

The chairman of the House Financial Services Committee said in an interview with CNBC that a short-term agreement between congressional Democrats and the Bush administration is expected by the end of the day.

At least Frank is honest about how much of your money he wants to spend saving the jobs of the UAW.  The billions spent this week (if the plan goes through) will be just a small downpayment on a tab that will run well past $100 billion.

And as long as we’re talking about the Big 3 bailout, you won’t believe the name that some Democrats are kicking around for a Cabinet-level position of ‘car czar’ in the Obama administration: UAW President Ron Gettelfinger. If Gettelfinger ultimately gets the job, most Americans won’t see Detroit build a car that they’d want to buy for the rest of their lives.