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Saving Detroit's Big Three a top priority for House Speaker Nancy Pelosi right now Democrats are working on legislation to send 25 billion dollars in new money.
To help the auto industry and -- in this country that's on top of 25 billion in loans already available GM Ford and Chrysler.
Will that be enough.
Let's talk about it with democratic senator of Michigan the lawmaker -- couldn't -- -- constituents are directly threatened to by the troubles in the auto industry.
Debbie Stabenow senator Stabenow.
First -- in a nutshell what would you like to see happen here.
With -- it's really important that.
The industry that created the middle class in this country that affects one out of every ten.
Workers in this country.
Be received some help up bridge loan to help them during a financial crisis.
We know that I alone had dried up we know that credit has dried apples but that.
Companies as well as consumers trying to buy automobiles.
And it's critically important.
That we give them the availability.
Of low cost capital.
To be able to assert that bridge to be able to get them through what is the financial crisis that has been acknowledged all over the country and frankly all over the world.
But the question is where do you draw the line we just heard about a little town in Ohio that is losing DHL as a big employer why not fork over federal money to that little -- Well there's no question that we've got a water agenda that focuses on job that needs to happen and I -- very cap and that's going to happen.
In into administration first of -- we haven't had a manufacturing strategy to keep jobs in America.
Now for a long time.
But the reality is in the short run we're talking about a major industry that impact.
Many many many other industries and other jobs that the spy years.
It's supply auto industry also supply aerospace.
And the ripple effect would be literally millions of people losing their jobs so this is that -- -- Industry.
That affect americans' way of life in effect pension.
A one way or the other the federal government would have to assume pension liabilities if what are the companies.
Eight woods took filed bankruptcy.
So we are in because is much less -- yes.
Still to help the company just like AIG.
-- at amazing to me a 150 billion dollars now for AIG we're talking about 25 to -- Millions of jobs in this country well I don't think that's unreasonable.
-- let me let me point out view a paragraph from Thomas Friedman's column in the New York Times this morning -- economics writer -- and he says there is plenty of blame to go around he says the blame for this travesty not only belongs to the auto executives but must be shared equally.
With the entire Michigan delegation in the house of senate virtually all of whom.
Year after year voted however the Detroit auto makers and unions instructed them to vote.
That shielded GM Ford and Chrysler.
From environmental concerns mileage concerns and the full impact of global competition.
That could have forced Detroit to adapt long ago do you share some of the blame here.
Well I'm not saying every decision of the industry or or.
Across the board that every decision the right decision and I will say yes around the world.
We have countries like South Korea where our automobile companies cannot have open access to markets while they're selling automobile.
We can't sell.
Equally to them we have every other country in the world.
Assuming the in the innovation.
Cost of battery technology these sections on in this country weekly on the back of our company.
In this country we put health care on the backs of our companies.
While in every other.
In diameter around the world it is not something on the back of their company.
So yes I agree I've read the column this morning I agree there is a lot.
Blame but I would also say that as a country.
We haven't understood in the global economy.
That we need to have policies that support our industry keep jobs in America all right in and that's my biggest concern.
Democratic senator Debbie Stabenow of Michigan good talking.
That it did -- well let's get to.
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