Stewart A. Alexander
Socialist Party USA Nominee for U.S. Vice President

August 26, 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.

By January 2010, 90 percent of all automobiles and trucks that are shipped to the U.S. would be restricted to zero emission standards. This requirement would not apply to automobiles and trucks that are manufactured by foreign automakers here in the U.S. By 2015, over half of all new cars and trucks, sold in the U.S. would be required to have zero emission; and by 2020 that requirement would apply to 95 percent of all new vehicles sold nationwide.

Under Alexander’s plan, foreign automakers doing business in the U.S. would also be eligible to receive these federal back loans; however, with the same requirements of the U.S. automakers, these companies would be required to operate under U.S. authority and nationalized before receiving any federal assistance.

It has been more than three decades since the U.S. first experienced an oil shortage that crippled the nation; however, since that time U.S. automakers have been building bigger gas guzzling trucks, and SUVs. Alexander has been a long time advocate for fuel efficient vehicles and electric cars and believes automakers can begin mass production of electric cars within the next 24 months. Alexander says any federal assistance should and must be tied to such requirements and production time table.

Within the next few days and after the Labor Day weekend, it is expected that the Big Three automakers will unveil proposals seeking a possible federal bailout, according to Reuters. Considering what limited information that is available regarding the bailout plan, Alexander says “this corporate bailout is short sighted and should be rejected by Congress.”

For more information search the web for: Stewart A. Alexander; Socialists Rethinking Electric Cars and Auto Industry

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StewartAlexanderCares.com
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www.sp-usa.org/
www.politics1.com/p2008.htm