Tuesday, August 26, 2008

Alexander wants $300 Billion for Automakers

Stewart A. Alexander
Socialist Party Vice-Presidential Candidate
Tuesday, 26 August 2008

The Big Three U.S. automakers recently announced plans to seek $25 billion in federal loans that will help bailout the struggling automobile industry as declining sales continues to rack up record losses on a battered industry. The Detroit Free Press reported this month that executives at GM, Ford and Chrysler met and agreed that they would need about $40 billion to ride out their current troubles. Vice Presidential Candidate, Stewart A. Alexander, says "much more is needed or nothing." Stewart Alexander is convinced that $25 billion will only provide a temporary fix.

Alexander has proposed a long term, comprehensive program that will require the investment of $300 billion over the next decade; Alexander's plan would also call for a major restructure of the U.S. automobile industry. Under his plan, the U.S. government would nationalize the U.S. oil industry, the ethanol industry, and the automobile industry. Over a period of 10 years, the U.S. government would invest $300 billion into the automobile industry manufacturing fuel efficient vehicles and electric cars; expanding the industry to all areas of the U.S, to include more rural areas...

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