Political Quotes

James Oberstar: “Amidst the plethora of concerns addressed in this legislative package, I want to signal out the first line of attack in…”

On the recordSeptember 14, 2001
Amidst the plethora of concerns addressed in this legislative package, I want to signal out the first line of attack in this terrorist incident; that is the Nation's airlines. The current conditions in the airlines sector could lead to a complete financial liquidation of the airline industry unless we address their immediate financial needs. Within 3 months, all of the carriers will completely run out of cash and be completely liquidated. They are losing cash on an average of $60 million a day per carrier. The financial markets are closed and the airlines cannot get access to their respective lines of credit. Insurance has doubled. Many insurance companies are even considering cutting off insurance, and financial institutions have put all airlines on credit watch. Their cargo and mail is embargoed, their source of income is gone. Remember, if Members expect ever to get home, they need an airline to get there.
Said by
James Oberstar
Democratic · Minnesota
Source
govinfo.gov

Editor's note · Context

Addressing the financial crisis facing the airline industry after the September 11 attacks.

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