Obama says he's not going to have a single "car czar," but that Tim Geithner and Larry Summers will take the lead and he'll make the final decisions -- and bureaucrats from other departments will be involved. Great! In today's Register editorial I quoted Don Boudreaux, chairman of the econ department at George Mason U. in Virginia, who put it rather succinctly:
"All are very smart men, but Mr. Geithner is a lobbyist-turned-international-finance-expert-turned-central-banker, Dr. Summers is an academic economist, and Mr. Obama is a lawyer-turned-politician. None of them, as far as the public record shows, has any experience running private, for-profit firms; none has worked in the auto industry; and none (unless you count a lobbying firm as a private enterprise) seems ever to have worked in the private, for-profit sector. The rule of experts would be troubling enough, but here we have the rule of non-experts."
I highly recommend Cafe Hayek, where Don, Russell Roberts, Tyler Cowen and other mostly GMU economists blog regularly. Very lively.