Sachs: There's nobody that will not be affected

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

Sachs: "Please do this before we turn a recession into a depression. That's my request. You know, it's for all of us. There's nobody that will not be affected. And this idea, let markets work when there are no markets, is the idea of how Lehman Brothers triggered the biggest worldwide crisis in a generation. Don't do it again with this industry. Two in a row, we're really into depression."

Category:

News & Politics

Tags:

• Sachs
• Financial
• Services
• Congress
• Auto
• GM
• Ford
• Chrysler
• Economy
• Recession
• Depression

[jsol120]

take it easy with the drugs

[yz250thatownsyou]

if we fall into a depression, think schools will be out?

[beancube2008]

Listen, financing businesses with people and see if they have the will to do so. Financing something with government just to see their manipulation, their magic word is sacrifice, yours, not theirs. We need an audit system from people, from bottom to the top, people ask questions about what they have seen. Representatives to the house and senate currently seem not functioning.

[DamNationDiplomat]

"....a year from now, we'll have a president." I really love that line; it's very telling in terms of how our current president is doing. I can't think of a single thing I've agreed with bush on, but it's interesting that he's not even being acknowledged as existing...that's harsh...not unwarranted, just harsh.