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I am changing my name to Fannie Mae; plus: the blind leading the blind

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By Michelle Malkin  •  October 24, 2008 12:00 PM

As markets plunge and bailout-mania rises again, Arlo Guthrie’s timing is just right.

He’s got a new ditty that sums it all up: “I am changing my name to Fannie Mae.” (It’s a takeoff on Tom Paxton’s “I am changing my name to Chrysler.)

Lyrics:

Lyrics by Tom Paxton

Oh the price of gold is rising out of sight
And the dollar is in sorry shape tonight
What the dollar used to get us now won’t buy a head of lettuce
No the economic forecast isn’t right
But amidst the clouds I spot a shining ray
I can even glimpse a new and better way
And I’ve devised a plan of action worked it down to the last fraction
And I’m going into action here today

CHORUS:
I am changing my name to Fannie Mae
I am going down to Washington D.C.
I’ll be glad they got my back
‘Cause what they did for Freddie Mac
Will be perfectly acceptable to me
I am changing my name to Fannie Mae
I am headed for that great receiving line
So when they hand a trillion grand out
I’ll be standing with my hand out
I’ll get mine

When my creditors are screaming for their dough
I’ll be proud to tell them all where they can go
They won’t have to scream and holler
They’ll be paid to the last dollar
Where the endless streams of money seem to flow
I’ll be glad to tell them all what they can do
It’s a matter of a simple form or two
It’s not just remuneration it’s a liberal education
Ain’t you kind of glad that I’m in debt to you

CHORUS

Since the first amphibians crawled out of the slime (of the slime!)
We’ve been struggling in an unrelenting climb
We were hardly up and walking before money started talking
And it’s sad that failure is an awful crime
It’s been that way for a millennium or two
But now it seems that there’s a different point of view
If you’re a corporate titanic and your failure is gigantic
Down in Congress there’s a safety net for you

Chorus

Hat tip: OpenMarket.org

***

The blind are leading the blind. If this doesn’t send chills up your spine, you’re not paying attention:

Asked if Pres. Bush thinks there should be a timeline or incentive for a future administration to ever sell the $250 billion in bank shares it plans to buy as part of the bailout plan back to the private sector, White House Press Secretary Dana Perino told CNSNews.com Staff Writer Fred Lucas that the Treasury Department is entrusted with the matter.

“The president is trusting his team at Treasury who designed the program, and he believes they are doing it the right way,” Perino told Lucas at Thursday’s press briefing. “I don’t have details. We’ll just trust our treasury secretary to implement the program.

Trust Hank Paulson? Hello?

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