Sachs: Don't ease the conditions, that's for sure

On November 19,2008, the House Financial Services Committee held a legislative hearing on extending the Department of Treasurys Troubled Asset Relief Program (TARP) to the U.S. auto industry. The draft legislation will extend the recently passed TARP program to help the financial stability of the American car industry. Testifying on the third panel were Mrs. Annette Sykora, Chairman, National Automobile Dealers Association, Mr. James S. McElya, Chairman and Chief Executive Officer, Cooper-Standard Automotive, Inc., Professor Jeffrey D. Sachs, Director, The Earth Institute; Quetelet Professor of Sustainable Development and Professor of Health Policy and Management, Columbia University, and Dr. Matthew J. Slaughter, Professor of International Economics, Tuck School of Business, Dartmouth College.

For a full archived hearing or to read prepared testimony, visit: http://www.house.gov/apps/list/hearing/financialsvcs_dem/hr111908.shtml

"First, before getting to the specifics of Section 136, we should not ease the conditions. We should see this as an opportunity to enforce the conditions.

I actually am more optimistic than the three CEOs that we heard, that they could be accelerated even more, because when you consider that the Chevy Volt promises to be a leapfrog technology, in fact, because we'll go from hybrid to plug-in hybrid, we're on the verge, in my opinion, of getting back to U.S. technological leadership.

GM also has invested more than $1 billion in hydrogen fuel cells. And Chrysler, I think very impressively, is looking at extended-range electric vehicles.

Don't ease the conditions, that's for sure."

Category:

News & Politics

Tags:

• Frank
• Congress
• Section
• 136
• Auto
• GM
• Ford
• Chrysler
• Economy
• TARP
• Sachs

[NarutoXGC]

thtas funny cause look at nissan and honda they alredy have a car that dont even need gas!! gmc is just trying to make the oil companys get richer those fuckin basterds

[toytrader2]

You people.. Just stick to the issue... I can't even understand what he is saying... I had to read your comments and go OH. fincial.... ok.. but please his personal life has nothing to do with it... Did you hear about the guy that was trying to prove MJ was guilty... even he changed his mind after interviewing almost 1500 people who had worked with lived with and been around MJ He found him innocent... I could not believe it either.. But this made the news... I am sorry I judged MJ>..

[peymaania]

Not to mention that he likes boys between the sheets! I wonder if he consults with Michael Jackson as he violates the poor little bastards!

[oldhacks]

yea. GM killed their own electric car a decade ago. what are they gonna do now to stall progress?

[voyeurdug]

Are we talking about a $100,000 Chevy Volt, or a $25,000 Chevy Volt, or a lineup of Volt vehicles from $18,000 to $36,000? We can't know what the engineers and designers have stored on their hard drives, but can't help but IMAGINE, they can download and tool up for whatever's asked for in less than a month... with no sweat.

[karen32862]

Why is Barney Frank allowed to be on ANY committee relating with finances. Didnt he allow enough financial calamity by allowing the fraudulent activity and mismanagement of Fannie Mae and Freddie Mac to continue? The man is incompetant if not corrupt.