Veteran Michigan radio personality Paul W. Smith spoke with John Engler, president of the National Association of Manufacturers, Tuesday on WJR Radio in Detroit. After some friendly, family-oriented chit chat, the two talk about the economic stabilization legislation and the global financial crisis.
You can listen to the interview here. An excerpt:
PWS: Gee, did the trillion dollar bail-out help the National association of Manufacturers?
JE: Well, we felt that the rescue package needed to pass because everywhere we looked we could see signs of this spilling over and becoming a much broader, more serious problem. So, you’ve got to get the liquidity back into the system. I just hope that all of these tools now that have been given to the Treasury, to the FDIC, to the SEC, to the Fed, that that’s enough and there’s the flexibility to be able to response.
You can see what’s happened over the weekend and certainty yesterday, my goodness, the global nature of this now. Last night I heard the French ambassador talking about how Europe was going to response. It’s pretty clear that the response in this country has been at a rapid pace compared to maybe where they are in Europe right now.
PWS: Well, in Europe, they’re not sure they like the idea of this buy-out, obviously.
JE: Part of this is to think about how you are going to, as they say, keep the system liquid. You’ve got to have the ability to go to the bank. And you’ve got to have, if you’re in manufacturing for sure, lines of credit. Your customers have to have lines of credit or they’re not going to be able to buy anything. You’ve got to have this ability to have operating capital…there’s a lot of issues here and everything’s pretty interconnected.
I think, when we look ahead, the market I think in part is going to respond to some pretty serious diminished economic prospects around the world in 2009, too. It does not look like a good year ahead.
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