From the Detroit Free Press, “Engler: U.S. should not delay loans to automakers“:
Top-level White House officials should push hard, using emergency measures if needed, to make sure that $25 billion in low-cost loans start flowing to U.S. automakers before the George W. Bush administration leaves office, former Michigan Gov. John Engler said in a speech today at the Detroit Economic Club
UPDATE (5 p.m.): The Detroit News provides more detail in “Engler urges White House to quickly approve auto loans“:
In an interview, Engler noted the steep falloff in the GM and Ford stock price last week.
“There is legitimate concern… about how the companies get back on track,” Engler said. He expressed some doubts about the Big Three’s prospects. “I am cheering for them, but they have to deliver… Can they move fast enough?”
He said next year would be even worse for the auto industry.
“I do think everyone is going to have to survive ’09, because that looks to be a very ugly year, much worse than ’08,” Engler said.
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