The American auto industry is in turmoil, but many local experts say the impact on the local economy should one of the big three automakers fail would not be immediate.
Top executives with General Motors, Ford and Chrysler and the president of the United Auto Workers have sought a total of $50 billion in assistance. Congressman Barney Frank, D-Mass., is drafting legislation to provide $25 billion in emergency loans to the industry from the $700 billion financial bailout Congress recently approved, although the White House and Treasury Secretary Henry Paulson are cool to the idea.
Ohio has more than 100,000 auto assembly and supplier jobs, and problems or the failure of one of the big three would have a ripple effect on related businesses throughout Ohio and the nation.
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