Car Czar to be?

[Bruce Nunnally]

The US Congress plans to appoint a 'Car Czar' to oversee the auto industry loan and restructuring.

The reaction came as House Speaker Nancy Pelosi, D-Calif., gave automakers some indication Tuesday she favors a "car czar" with a banking background. She suggested Paul Volcker, a former Federal Reserve chairman and now an economic adviser to President-elect Barack Obama, would be a good choice. She also said Monday that she wouldn't want to see former General Electric Co. Chairman Jack Welch in the job.

Other names that have surfaced in recent days include billionaire auto racing legend and Detroit-area industrialist Roger Penske, who was unavailable for comment Tuesday. Another name that has been mentioned is Kenneth Feinberg, an attorney who oversaw the Sept. 11 victims' compensation fund, but it is largely unknown how his name surfaced. U.S. Rep. Barney Frank, D-Mass. has said that he thinks that the media "made that up."

Volcker, meanwhile, met behind closed doors Tuesday with congressional Democrats to talk about the auto industry and the stimulus package.

Asked if he was interested in becoming the car czar, he joked: "I'm looking for new jobs."

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[Cadillac Jim]

It looks like that's what the Democrats want to do. If that's what happens, it had better be somebody who will do the whole job, like Chapter 11, and not do half the job and drag a captive non-competitive industry into the future.