With the idea of a "car czar" the flavor-du-jour in our nation's capital, it looks like we're destined to repeat history and with unhappy consequences.In exchange for bailout money, lawmakers seem eager to appoint a bureaucrat who will oversee the business of GM (GM, Fortune 500), Chrysler and Ford (F, Fortune 500). OK. But what does House Speaker Nancy Pelosi or any other politician know about running an auto company?
Democrat leaders outright rejected candidates such as former GE CEO Jack Welch who knows how to run an industrial powerhouse as well as Mitt Romney who created Bain Capital and knows a bit about turning around troubled companies.
Instead, Pelosi suggested Paul Volcker, a former Federal Reserve chairman and now an economic adviser to President-elect Barack Obama, would be a good choice. Volcker may have been a brilliant fed chief, but one should be wary equating the skills of a government bureaucrat with industry savvy.
[...]
If Washington does insist on a car czar, at least let it be someone like Welch or Romney who has big business experience and can wisely oversee an orderly restructuring of the Big Three.
>> full article: Fortune via CNN Money
And with that said:
The woman who has presided over Michigan's economy— for many years, the only shrinking one in the U.S.— was rumored for Labor secretary. Mercifully, she has withdrawn herself from consideration. (MKH @ Weekly Standard Blog)
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