We need a global car czar

China's Geely car company may be buying Volvo. Toyota (TM) and Honda (HMC) have approached the Japanese government for aid. Many of the car companies in the UK and EU have indicated that they need government money. Of course, General Motors (GM) and Chrysler have told Congress and the Administration that they cannot stay out of bankruptcy without more money from the federal government.

Up in Canada, the government may be acting to help GM save jobs. According toThe New York Times, if the Canadian Auto Workers Union and GM can come to an agreement on wages and benefits, the central government is willing to step in. The paper writes that, "The company, which is seeking about $6 billion in assistance from Canada, did not respond to questions about the anticipated size of the savings." The money will keep GM Canada viable.