Barney Frank: Auto Bailout Worked

House Financial Services Committee Chairman Barney Frank hailed the bailouts of General Motors and Chrysler Corp. as huge successes and expressed exasperation at the fact that many continue to view the interventions as failures.

Frank is quoted by the Detroit News as saying the following:

“There’s just no question: the single most effective thing that the federal government has done to preserve and set the basis for manufacturing in America was to intervene with General Motors and Chrysler,” Frank said at the forum sponsored by the Christian Science Monitor. “It is striking that it is still considered unpopular — that’s a very successful intervention…We are better off as a country economically for having (bailed out GM and Chrysler.”

You can read the full article here.

– The Editors