When U.S. lawmakers return from recess next week, they’ll consider another massive bailout plan — this time for the automaking industry. Iowa Senator Chuck Grassley says he’s less than enthusiastic about the proposals he’s heard so far.
Grassley says, "If they really want me to get in a frame of mind to consider things like this, the people that are proposing it ought to think in terms of drilling offshore, because that would create a lot of jobs, and things of nature, but we find pretty inconsistent concern about the economy."
One projection says if Ford, G-M and Chrysler all go under, it would cost three-million jobs and 156-billion dollars. Grassley says he’s heard no dollar figure yet for the latest bailout being proposed by some members of Congress.
"There’s a lot of things we know would create jobs that they don’t want to do, and then they want to do things like more bailouts," Grassley says. "I’m of the frame of mind of seeing how comprehensive of a program we can put together to create jobs everywhere, not just to preserve jobs in Detroit." He says the U.S. automakers aren’t doing a very good job of garnering sympathy for themselves.
Grassley says, "You find a pretty ridiculous point of view expressed by the chairman of General Motors when he says, ‘If anybody wants me to resign in order to get some federal help for our company, forget it. Nobody’s going to tell us how to run our company.’" One report says the auto industry supports one in every ten American jobs, and the industry’s failure would bring a catastrophic ripple effect.
After the 700-billion dollar bailout of the nation’s financial industry a few weeks ago, Grassley says he remains unconvinced yet another enormous bailout is necessary.