Failure of auto industry would devastate economy
To the editor:
What is wrong with people’s judgment today? Most seem opposed to lending the auto makers $25 billion from the $700 billion being loaned to banks? This is only 3.7 percent of the $700 billion. The senate says they are afraid of how it will be spent. They didn’t ask how the banks would spend the money. The banks aren’t loaning it, they are buying other banks.
Do people realize the failing of even one of the Big Three would send us into a full-blown depression? They employ 3.5 million workers. The workers are now making $14 an hour where they did make $28. It is the executives who are making in the millions and have the golden parachutes. It was the executives who led the companies downhill. Will they suffer if the loan is not approved? No way.
Ask yourself this: Why is the Senate being so picky about this loan and they can’t even decide who is in charge of the $700 billion.
Mary West
Cape Coral