Earlier this morning, House Speaker Nancy Pelosi told NBC’s Today Show that she would favor former Federal Reserve Chairman Paul Volcker to oversee the restructuring of the domestic auto industry. Volcker was recently appointed by President-elect Barack Obama as his top economic adviser.
“I would want the [car] czar to be appointed before one dollar was spent – so theoretically this week,” Pelosi said on the Today Show.
“I think somebody like Paul Volcker, who has bipartisan confidence and the public and private confidence,” she continued.
The appointment would rely on Congress passing the industry bailout bill being considered this week.
Volcker, known as “Tall Paul” because of his 6′7 height, is currently the chair-designate of Obama’s Economic Recovery Advisory Board. He served as Chairman of the Federal Reserve under presidents Jimmy Carter and Ronald Reagan. Later, he became active in the private financial sector before researching corruption in the Iraqi Oil for Food program for the United Nations.



12/09, 9:30 AM
posted by:
Z06ified
where is my comment??
12/09, 9:45 AM
posted by:
mayer_ray_nagin
Pelosi should favor seeing an eye doctor about those protruding oculars of hers.
12/09, 9:52 AM
posted by:
Z06ified
LLN’s software SUCKS. I’ve about had it with this site. Not only does it function horribly, but half of my posts don’t even show up.
12/09, 10:05 AM
posted by:
The Stig
One could only hope the appointment of Volcker (or any other) comes equipped with credentials and understanding the industry in general.
12/09, 10:50 AM
posted by:
CulleyCTSV
Of course, what else would you expect from Washington?? They have demonstrated no ability to manage money, deal with crisis or trim management…so why would they be any different now? A Car Czar who knows nothing and probably cares nothing about cars. WTF???
12/09, 11:13 AM
posted by:
RaineMan
How can anyone from the banking community have public confidence? We need someone who knows cars and car manufacturing in charge.
12/09, 12:15 PM
posted by:
Lariat Luxury Locomotive Liner No.3
This is what happens when our government gets involved because we have to bailout (aka loan) funds to corporations. We get people who are not facile in the management necessary to either oversee the existing and certainly incapable of foreseeing the future of the automotive industry. I could yell at the top of my lungs, but only JohnnyCanuck would here me!
12/09, 12:21 PM
posted by:
Lariat Luxury Locomotive Liner No.3
here = hear (In a conference and sneaking this in.)
12/09, 12:31 PM
posted by:
loudpedal
Do you know of a more bloated, less efficient, less effective group than the Federal Government? They want to put this guy in charge to oversee the domestic auto industry? The Big 3 were building big, gas guzzlers because that’s what people wanted to buy. I’d like to know how many Senators or Congressmen are buzzing around Washington in Priuses or Fits. Come on! Give them a loan. Fine. Just don’t tie their hands by forcing them to go through somebody who knows nothing outside of the financial industry. Where’s the accountability from the financial industry?
12/09, 12:35 PM
posted by:
TiNDeR
GM is now GV. General Volcker.
Is America becoming communist?
Is capitalism not working?
So the Government is making all the decisions and making the big bucks.
Here we are, penalizing the Big 3 CEO’s for making the big bucks, yet we do not look at what these government officials are making?
After all, where not our government, these official public servants paid with our tax dollars, suppose to protect us?
Oh, that’s right silly me, we are being protected by them, that’s why they are in control, not us, the people.
12/09, 1:10 PM
posted by:
howsmydriving
I predict a special Volcker Edition Cadillac, complete with ashtrays and humidor.
12/09, 1:30 PM
posted by:
Borat
From a fairly democratic state we are falling into zcar driven society. Intelligence zcar was lucking any intelligence and had to be replaced, now the car zcar: can Walker walk, much less drive? He is as ancient as Rome and no one saw him alive in the past 10 years.
12/09, 2:59 PM
posted by:
yarddog82abn
Aaaaa………
12/09, 4:30 PM
posted by:
bigjimid
Great, just what the American auto industry needs. Some old dude who lives in a purely financial mindset and doesn’t know s*** about cars except how to turn on his heated seats.
Borat, it’s ‘czar’ bro. I would have let it go, but you misspelled it three times in a row. Unless you are talking about a Nissan of course, then disregard this comment.
12/09, 5:56 PM
posted by:
scootness
The “car czar” will probably end up being like the “Bobs” from Office Space and just cut, cut, cut because he doesn’t know anything! This guy can’t have the slightest clue of what it takes to produce cars! It is easy for them to say that appointing a “car czar” will keep the “big 3″ in check and oversee the money spending but how does he know what is right and what is wrong to spend the money on??? With no auto experience, he can’t possily know!
This is about as funny as hearing Obama talking about national security when he had never seen a current intelligence report! Its easy to say that you can do “it” better when you don’t know what “it” is! If anybody has noticed, Obama hasn’t talked as much about national security now that he is seeing the reports! Funny how that works.
Bob–”So I see that you have been missing alot of work lately..”
Peter–”I wouldn’t say I’ve been missing it, Bob”
12/09, 7:38 PM
posted by:
Borat
Bigjimid, it was my displeasure with the whole schtooping idea, if you know what i mean, drives me fuken nuts!
12/09, 7:42 PM
posted by:
Borat
Also, the guy was “active” during Carter days. He is 81, almost 82 years old. Surely, he will drive any industry into its grave, as he did with US economy during Carter days: inflation was 18%, along with recession.
12/10, 1:23 PM
posted by:
hondAccord
I think that the car czar should be someone who knows about cars and deals with them on a daily basis. Maybe a prominent automotive journalist..