Bailout Watch 176: Tuesday, Nov. 18th

That’s the day that House Financial Services Committee Chairman Barney Frank, D-Mass, will introduce legislation that will change the rules on the previously approved $700b financial rescue package so that America’s ailing automakers can stick their snouts into the federal trough. Yes, that Barney Frank; the same congressman whose oversight of Fannie Mae and Freddie Mac lead to the relaxation of lending policies that pushed both quangos to the brink of extinction. (Not to mention Frank’s relationship with Fannie’s policy wonk Herbert Moss or campaign contributions from both organizations to the Congressman’s campaign.) Automotive News [sub] reports that it’s shootout at The OK Give ‘Em 25 Bil Corral.

“Treasury Secretary Henry Paulson today reiterated the Bush administration’s position that car companies are ineligible for the money because it is earmarked for financial institutions. But House Democrats intend to include language in an economic stimulus bill that would give automakers access to the bailout, said Hilarie Chambers, chief of staff to U.S. Rep. Sander Levin, D-Mich. Frank is drafting the measure at the direction of House Speaker Nancy Pelosi, D-Calif.” Yes, as the lame duck Congress can’t get the Republicans on board for a new, pre-Obama stimulus packagage, and Bush’s boys are digging their heels in (holding Congress to its original intent), it all comes down to this. And if that’s not enough excitement for you, Frank’s calling the Mayja Playas down to DC to testify the next day: Red Ink Rick (GM), Big Al (Ford), Boot ’em Bob (Chrysler) and Big Ron (UAW). We’ll get you the list of politicos asking questions ASAP.