State to Feds: Bail Out Detroit
Six governors have joined the Michigan delegation in turning up the heat on Treasury Secretary Hank Paulson and Fed Chairman Ben S. Bernanke, pleading for an infusion of cash into the ailing U.S. auto industry.
In a letter sent yesterday, six state governors called for "immediate action" to promote liquidity, arguing "the financial well-being of other major industries and millions of American citizens are at risk."
- Michigan's Jennifer M. Granholm (D)
- Kentucky's Steven L. Beshear (D)
- Ohio's Ted Strickland (D)
- Delaware's Ruth Ann Minner (D)
- New York's David A. Paterson (D)
- South Dakota's M. Michael Rounds (R)
Much like the Michigan delegation, the governors made the case that the auto industry is just too big to fail.
Automakers and auto-related sectors employ millions of Americans, they write. They are among the largest purchasers of steel, aluminum, iron, copper, plastics, rubber and electronics.
Further, the governors argue, a large network of suppliers, vendors and dealers rely on the economic stability of Detroit.
-- Kendra Marr
Posted by: susanr1 | October 30, 2008 3:52 PM | Report abuse
The comments to this entry are closed.