No car Czar: Public reps on auto company boards

Regardless of the assistance package eventually designed for the auto industry the public’s interest and oversight should be secured by taking equity stakes in the companies and positions on the Boards of Directors. These directors should be charged with playing an aggressive watchdog role over the public’s investment and with keeping the public informed. They should report directly and frequently to public Congressional hearings as to the progress or lack of progress the companies are making in moving toward a greener fleet. A single, car czar, as proposed in recent legislation is not a good recipe for oversight. It is too easy for one person to be swayed, hide information and cut deals that are not in the public’s interest. The old adage that what is good for General Motors is good for America was always just public relations ploy. We know better now. Today, the adage is what is green, sustainable and creates jobs is good for America and Big Three’s management should either get about the business of doing this or step aside. Read more!

Time for publicly managed capital pools

The present financial crisis is a case study that lends support to John Maynard Keynes’ idea that a significant portion of capital should be publicly owned and/or directed. Witnessing the daily revelations of corruption, incompetence and irresponsible behavior of those who own and manage capital, it is reasonable to conclude that ordinary citizens would make better decisions. Congress should take Keynes advice and create public capital pools funded by a surtax on the wealthy to make loans to businesses for projects in the green economy sector, affordable housing and transportation. Oversight boards comprised of experts, ordinary citizens, labor and industry leaders should plan and direct this activity in an open, transparent, democratic manner inviting public comment and scrutiny. It is foolish to print money and give taxpayer-backed loans to those who caused the crisis and then trust them to make investment decisions for renewing the economy. Read more!