Financial Help Needed for Automakers

This is a rush transcript from "Your World With Neil Cavuto," November 11, 2008. This copy may not be in its final form and may be updated.

DAVIS ASMAN, GUEST HOST: Well, the big push to aid the big three, it came from president-elect Barack Obama yesterday, when he was at the White House. It's now coming from Nancy Pelosi and a group of Michigan lawmakers in Congress.

My next guest is one of the Democratic congressman, Sandy Levin. If he looks vaguely familiar to somebody else there, it's because he's the brother of Senator Carl Levin, who is also from the great state of Michigan.

Congressman, thanks for coming in.

REP. SANDER LEVIN (D), MICHIGAN: Glad to be here.

• Video: Watch David Asman's interview with Sander Levin

ASMAN: So, GM, you saw what the price is doing, under three bucks a share. It is burning through a billion dollars a month. People just are not buying cars. That is the problem. So, how is a government bailout going to — going to help that?

LEVIN: It is part of the relief that goes through the entire economy.

We have had relief for the banks to try to ease the credit crunch. Now AIG is going to get, what, an additional $40 billion out of the law that Nancy Pelosi says that we must amend. So, there is a basic credit crunch here. And what the auto — the domestic automobiles need is a bridge, a bridge to the future. This isn't a bailout. It's a bridge.

ASMAN: Well, Congressman, I understand — I understand about — I understand about the money going to financials. And a lot of people say, you know, they are billionaires getting bailed out. Why shouldn't we at least bail out something you — you can kick the tires on, like a car company?

But the question, again, is, if people are not buying cars, and GM is burning through a billion dollars a month, how will a government infusion of capital aid the situation?

LEVIN: Because it will allow the big three to continue to be alive while we address the overall credit crunch.

We are doing all of those things, I hope, effectively. And in order for the big three to take advantage of the steps that are being taken to ease the credit crunch, they have to have this bridge to the future.

I think your — your preliminary report, before we went on, describes it very, very well.

ASMAN: But you can't force people to buy cars.

LEVIN: No, but we're easing the credit crunch. We're going to provide some money to the financial institutions that give loans to the big three. This is money that they have applied for and I think will be forthcoming.

But, in order for that money to be useful, you have to have the big three alive and thriving.

And this is not a bailout. It is a bridge loan to the domestic — domestic auto companies. You know, one out of 10 jobs in this country are automotive — automotive-related.

ASMAN: All right.

Congressman, we have to leave, but I have just got to ask, do you have a dollar amount of this bridge loan?

LEVIN: Yes, 25 — $25 billion...

ASMAN: Twenty-five billion dollars?

LEVIN: ... of the $700 billion.

AIG is getting $40 billion.

ASMAN: I know.

LEVIN: I think the auto industry, $25 billion is very much needed. It's vital that we take these steps...

(CROSSTALK)

ASMAN: Listen, AIG may be getting $150 billion. So, it may be even more than that.

Congressman, we thank you very much for coming on. I appreciate it.

LEVIN: Glad to be here. Thanks.

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

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