Obama administration Council of Economic Advisers member Austan Goolsbee was on Fox News Sunday yesterday defending Obama’s intervention in the economy. In the clip below, he is actually defending the White House’s new pay czar, but his logic applies equally well to any of Obama’s new companies, from AIG to Citibank to Fannie Mae and Freddie Mac to General Motors:

It is totally clear that if the government is saving your bacon and giving you money, that they have some input on whether you are wasting the money or what you are doing with the operation. I don’t think anybody disputes that.