It’s become an accepted title, but it’s still bizarre to us anytime we hear someone with the title of czar in this country. Like the Drug Czar, what’s with that? Anyway, it seems that Obama’s vision for an auto bailout would include a Car Czar post to oversee the doling out and use of $50 billion. Alert to critics who called Obama a socialist: here’s your first cable news talking point.
Bloomberg: Any czar or board would be patterned after the bailout of Chrysler in 1979 and New York City in 1975. Advisers such as former Federal Reserve Chairman Paul Volcker and former Treasury Secretary Lawrence Summers are said to be telling Obama that the cash is urgently needed now.
Congress would have to act in a lame-duck session that begins next week. Obama would need Bush’s backing to pass such a sweeping and costly measure in part because Democrats don’t have enough votes to force a floor vote or override a veto. Obama also would need strong support from auto-producing states such as Michigan, Ohio, Indiana, Illinois and Wisconsin to pass such a sweeping and costly measure.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.