Pelosi and Reid have drunk the Kool-Aid.

Now Pelosi has urged that the upcoming session of the Congress consider bailing out GM and other U.S. auto companies and has directed Mr. Frank to devise the legislation so that it limits executive pay, ensures independent oversight and protects the taxpayer. She does not ask who the executives will be.

She, Reid, Frank and our other leaders should read Paul Ingrassia's Op-ed in yesterday's WSJ. Ingassisa has covered the auto industry for decades and covered it well. He knows where a lot of bodies are buried. He advocates a clean sweep of management plus a revision of union rules. He does not feel that the bailout of GM and co. should be led by the same people who brought it to its current state.