U.S. President Barack Obama has decided against naming a “car czar,” and is instead asking U.S. Treasury Secretary Timothy F. Geithner and White House economic adviser Lawrence H. “Larry” Summers to head a task force on revamping the U.S. auto industry, Bloomberg News reported yesterday (Monday).

Rattner Floated as Car Czar; Sources: Barclays Planning 2,100 Lay Offs; BG Group Pumping Billions into Brazil Oil; Pfizer Cutting 800 Research Posts; Oil Snaps Week-Long Skid; Commercial Banks Borrowing Less Than Investment Banks; Companies Scramble to Fill Pension Plan Gaps

FOMC to cut further…  Bernanke turns his back on inflation…  Kiwi and Australia rally…  Gold continues to shine… And Now… Today’s Pfennig!

The U.S. House of Representatives approved a $14 billion federal loan package for Detroit’s embattled “Big Three” late yesterday (Wednesday), overcoming Republican opposition in the House but leaving the bill to face an uncertain fate in a hostile Senate.

Congressional Democrats and the White House yesterday (Wednesday) finalized a short-term package that’ll supply General Motors Corp (GM), and Chrysler LLC with $14 billion in emergency loans.

Another currency rally….  SNB cuts another 50 BPS!  Budget Deficit continues to widen!  Treasury yields go south for the winter! And Now… Today’s Pfennig!

Another currency rally….  Bank of Canada cuts 75 BPS!…  A Santa rally?… What Asia thinks… And Now… Today’s Pfennig!

As the Senate meets today (Monday) to discuss what to do with the eviscerated U.S. auto industry, some strong words from one of the Senate’s most powerful member suggested a much-debated bailout could come with some strings attached for top executives.