President Reagan and the $400 dollar hammer?

Label Me Liberal asked: Does anyone remember back in the eighties when the pentagon paid a contractor over $400 dollars for a hammer? Does anyone remember the name of the Democrat that broke the story? Would everyone agree, this is a great example of privatizing government? Would you agree this is... show more Label Me Liberal asked:

Does anyone remember back in the eighties when the pentagon paid a contractor over $400 dollars for a hammer?

Does anyone remember the name of the Democrat that broke the story?

Would everyone agree, this is a great example of privatizing government?

Would you agree this is another reason we cut funding from federal agencies in charge of regulating contracts such as this one?
Update: The correct, non-politically motivated answer, is that the contract was for a large lot of spare parts for the Mk48 torpedo ILS (Integrated Logistics Support) contract. The RFP (Request for Proposal) requirements were for the allocation of NRE (Non-Recurring Engineering) across all deliverable line items, hence... show more The correct, non-politically motivated answer, is that the contract was for a large lot of spare parts for the Mk48 torpedo ILS (Integrated Logistics Support) contract. The RFP (Request for Proposal) requirements were for the allocation of NRE (Non-Recurring Engineering) across all deliverable line items, hence the apparent overcharge for hammers and a commensurate undercharge for ATE (Automatic Test Equipment.)

Label Me Mk48 Spares Program Manager

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