FORT WAYNE, Ind (Indiana's NewsCenter)-"The most important thing we face right now is creating jobs and getting this economy moving." The words of Indiana Senator Evan Bayh at a meeting with local auto workers, suppliers and other Fort Wayne business leaders Wednesday.
Senator Bayh will be traveling across the state holding meetings similar to Wednesday's and he says they are all about jump starting the auto industry into the 21st century using practical solutions.
Indiana has the second highest percentage of automotive related jobs than any other state in the country, so the need for a plan is obvious Bayh says. He says now is the time to put partisanship and ideology aside and for a small fraction of the money that was sent to Wall Street, we can retool the automotive industry focusing on the efficient cars of the future. Bayh says it's important that any rescue plan ensures taxpayers are paid back, jobs are not lost and these businesses are stabilized for the future.
Evan Bayh says "everybody needs to make the kind of sacrifices needed to make this go. Labor, management, creditors, shareholders, and until they show the willingness to do that, I don't think we should give them the money. Once they show the willingness to do that, we should release the money in installments as they make the progress towards turning these companies around. We reward performance rather than just giving them the money and trusting they will do the right thing."
Bayh says some top executives may need to be replaced and there need to be pay freezes for other top officials, saying this is not the time to be paying people millions of dollars in bonuses.
As for the future of the big three? Bayh believes the Treasury Department will step up with a bridge loan to help the big three survive until January and then the new Congress can act and he believes there will be enough votes that time around to help the auto industry using a viable plan.
What are your thoughts CLICK HERE to leave us a "Your2Cents” comment.
TextCaster alerts from Indiana's NewsCenter are your defining source for instant information delivered right to your cell phone and email. It's free, easy and instant. Sign-Up Now!
Powered by Summit City Chevrolet
© Copyright 2011 A Granite Broadcasting Station. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Textcaster
Facebook
Twitter