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July 5, 2015

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Why we can’t let carmakers fail

I am extremely disappointed in Senate Majority Leader Harry Reid, D-Nev., and House Speaker Nancy Pelosi, D-Calif., for not giving us the leadership to help the U.S. auto industry with its request for a paltry $25 billion loan.

Bush’s tax cut robs the Treasury of $350 billion per year (now over $2 trillion). And a $25 billion loan is peanuts compared with the $700 billion bank bailout. If the U.S. auto industry tanks, we would be in a very serious depression affecting from 2 million to 3.5 million workers’ jobs.

Penny wise and pound foolish.

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