NAM Board Members Speak to the Need for Legislation

By October 3, 2008Economy, Taxation

From The Nightly Business Report, PBS, “The Bailout Bill Leads To Another Late Night In The House“:

DHUE: Members of the National Association of Manufacturers met with President Bush at the White House this morning to drive home the message that the economic problems have already begun. Mary Andringa of construction and farm equipment-maker Vermeer says her customers are pulling back.

MARY ANDRINGA, CO-CEO, VERMEER MANUFACTURING: This whole crisis makes everyone extremely cautious. And for our customers, especially if they can’t get credit, it means they’re not buying. If they’re not buying, we’re not able to produce, which means we don’t have the jobs that are needed for our employees.

DHUE: Pine Hall Brick President Fletcher Steele says he laid off 19 people Monday because of slack demand. He wants lawmakers to pass the bill to boost confidence.

FLETCHER STEELE, PRESIDENT, PINE HALL BRICK COMPANY: People are scared, our employees are scared, they’re coming to us and saying, I want to get my 401(k) money, I want to put it under the mattress. They’re scared. We need something to stop the downward spiral that I think that we’re in, and the crisis of confidence. We really feel like by being able to provide more credit to the system — and this bill really does — really provides the underpinning to do that, we can stop this downward movement.

Leave a Reply