NAM President John Engler has an op-ed in today’s Detroit Free Press, “Factories and jobs will lead recovery.” The conclusion:
Given the severity of the crisis throughout Europe and Wall Street’s continued downward direction, some may be tempted to argue the legislation is insufficient or even a failure. However, we have a huge, worldwide problem on our hands. The legislation was always seen as a start — a set of regulatory and financial tools to get liquidity back into the financial system, boost public confidence, and ensure that manufacturers have the capital they need to keep operating. Restoring global financial stability won’t happen overnight.
Government agencies are going to be busy with this for a long time, as will the new Congress and the next administration. The job for business is to keep doing what we do best — creating real wealth, making the products that strengthen our industry and enhance the quality of human life.
In the final analysis, our economy is built not on complex Wall Street financial instruments, but rather the genius and dedication of our working men and women. Our manufacturing sector, by far the world’s largest, continues to set new standards in quality and productivity. Our manufactured exports are rising much faster than imports — a truly positive light in our economic picture.
We will work our way through this crisis to better days ahead. Manufacturing will lead the way.
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