Sheila Bair to President Bush: Girls Rule & Boys Drool!

In the words of my 3 year old daughter, “girls rule and boys drool.” On most days I seek to find the culprit who has taught my daughter such a saying. Is it that Spider in Sunny Patch? Is it Miley Cyrus? Whoever it is, when I catch you I am going to…..enough.

I quote the words of a pre-k kid to applaud the thorough drubbing FDIC chief Sheila Bair has been giving to the good ol’ boys at the White House, the Treasury and the Fed. Mrs. Bair, a Bush appointee, has been scratching her head while looking under the sofa cushions in her office to see where exactly some of the $850 billion allocated to save Wall Street may have gone to help homeowners keep their homes from foreclosure. Here is a direct quote from Mrs. Bair:

“Why there’s been such a political focus on making sure we’re not unduly helping borrowers but then we’re providing all this massive assistance at the institutional level, I don’t understand it,” she said. “It’s been a frustration for me.”

While I applaud her attack capabilities, I wonder how she managed stealth mode as well since there is no way the FDIC head gets in front of cameras without vetting everything through the White House first. Keep in mind Mrs. Bair’s rants come on the back of increased power she has at her disposal. She now has the oversight of larger insured amounts for consumers, she’s been saddled with the largest bank failures in history, and now manages debt issued by companies as well, so as you can see, here plate is very full.

Of course the White House has another interpretation:

“We just did a massive bill that does a lot for homeowners,” said White House spokesman Tony Fratto. “You are always going to have different views on some specifics on policy. But I think we’re all trying to pull in the same direction.”

Whatever comes from Mrs. Bair’s public denouncements regarding the way our money is being spent, it should act as a reminder that there are now 1.2 million homes in foreclosure….maybe McCain’s plan to buy everyone a home isn’t so bad after all. I’m just kidding.