It appears the Senate is delaying the possible bail-out of the Detroit 3. When I heard this news, I wondered whether perhaps something sensible was happening in the lame-duck Congress.
But then I read that some republicans (at one time, they were the party of small govt!) were objecting because they wanted MORE govt involvement in the decision-making by the car firms. Why should we believe govt officials can run an auto firm effectively and efficiently?
However, if what they want is involvement from a Chapter 11 overseer, I'm all for it, and maybe that's the case. From the WaPo story:
But many Republicans think the automakers' problems could be more
efficiently resolved by a bankruptcy court with legal power to dissolve
existing contracts than by a government "car czar" whose actions could
be swayed by Washington politics.
Has anyone suggested that as the car czar they might appoint the president of Toyota's North American operations?
Posted by: Brian Ferguson | December 11, 2008 at 02:14 PM