Washington, DC - Congressman John D. Dingell (D-MI15) made the following remarks about a report prepared by the Congressional Oversight Panel, which is overseeing the financial rescue funds for the automakers.

“Paraphrasing the popular credit card commercial - ‘value of saving the U.S. economy: priceless.’  There is little doubt that the collapse of the domestic auto industry would throw our very fragile economy into turmoil.  The panel’s findings recognize that.  I think Presidents Bush and Obama acted boldly and wisely when they stepped up to help two U.S. automakers, as well as dozens of essential auto suppliers, during a period of financial crisis and unprecedented transition.  I believe history will point out that the steps taken during the winter and spring saved our nation from a depression. 

“You can’t put a value on keeping Americans working and producing goods during a time of recession like what we are experiencing.  Our domestic auto companies are also making the strategic changes and producing the outstanding products needed to compete in the 21st century.  For that reason, the investment made in our companies will pay off over the decades to come.

“I might add that when Chrysler was given a loan guarantee by Congress in the late 70’s there were plenty of people who said it was a bad idea and Chrysler would never pay the money back to the taxpayers.  Of course, we know now Chrysler not only paid off the guaranteed loans seven years ahead of schedule, but they paid off the loan at a $350 million profit to the US Treasury and the American taxpayer.  General Motors and Chrysler Group understand the American people expect a return on this investment and they are prepared to do what needs to be done to pay the money back.”

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