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Friday, 19 December 2008 11:10

Think Tank says Auto rescue is good news

The Economic Policy Institute (EPI) is an independent, nonprofit, nonpartisan research institute – or “think tank." EPI’s vice president Ross Eisenbrey said Dec. 19 on learning of the TARP bailout for Detroit Three, “The auto rescue announcement is good news.  Failure to provide the bridge loan would have cratered the economy, which is already in a deep hole.  The Big 3 automakers and the United Auto Workers have a tough road ahead, but with support from the Obama administration, they – and the communities they operate in -- can survive and prosper.”

EPI detailed the economic consequences of an auto industry failure in When Giants Fall, by EPI economist Robert Scott.

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