Barney Frank will be on 60 Minutes this coming Sunday and tells the public what the Auto Debate is really about. It has nothing to to with propping up ailing car companies says the the man who was a major cause of the financial meltdown. He insists it is about the individual, that the government needs to help the people in the car companies. In other words it is welfare for the UAW:
“No. We’re not propping up companies. That’s your mistake,” he tells Stahl, who had asked him about taxpayer money going to prop up companies that had made bad decisions. “We’re propping up individuals. The world doesn’t consist of companies. The world is people. The country is people.”
When Stahl points out that Frank is then talking about welfare, he responds, “Yeah, I’m for welfare. You’re not? Are you for letting people starve?”
Some argued that bankruptcy was the way for Detroit to work out its troubles and reformulate their businesses. Frank is against that as well because it also hurts the individual. “There’s only one thing you can do in bankruptcy: break your word, break your deals,” says Frank. “It allows you to say to the small businesses who have been catering lunches for you…the workers, ‘Sorry, we’re not paying you,'” he tells Stahl.
Frank is frustrated by a lack of leadership on the financial crisis that he says is caused by the transition period between the election of Barack Obama and the end of President Bush’s lame duck term when Obama actually assumes office. “Part of the problem now is that this presidential transition has come at the very worst possible time. We saw it coming. I don’t know if there was any way to avoid it. You know… Senator Obama has said, ‘We only have one President at a time.’ Well, that overstates the number of presidents we have at this time. We don’t appear to have any,” he tells Stahl.
Watching the video below, I would humbly suggest that the next bailout should be for Frank’s neck. Maybe that’s why he is so full of himself, the blood flow to his brain his constricted. Somebody buy the guy a shirt that fits.