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Obama's 1st Move Should Be to Save Autos: Ross
Topics:Employment | Transportation | Automobile Industry
Sectors:Automobiles and Parts
Companies:General Motors Corp
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The obvious and easy first move for President-Elect Barack Obama is to put some money into the automobile industry to save a large number of jobs, financier Wilbur Ross said Wednesday.
General Motors and Chrysler "need something like $10 billion to pay the one-time cost of merging, that's a very cheap investment," Ross said.
Just stabilizing the auto industry will save a large numbers of manufacturing and auto supplier jobs and "do an awful lot of good for the economy," he said.
It would also be a consistent with the support Obama has with labor unions, Ross added.
"It would be a very quick, easy thing," Ross said. "I can't imagine a cheaper way to protect a very, very large number of jobs."
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