Sylvester Turner: “we hear a lot today about the new economy, but there are some of us still trying to get by on the old economy, and the…”

“we hear a lot today about the new economy, but there are some of us still trying to get by on the old economy, and the old economy is not doing too well. In my district and across this Nation, tens of thousands of steel and oil and gas workers have lost their jobs, and many more fear that they may lose theirs. Since October of 1997, oil prices have dropped dramatically due to increases in imports. More than 50,000 workers have lost their jobs, hundreds of production and service companies have closed, and over 136,000 oil wells have shut down. That is 25 percent of all the wells in the United States. Providing Federal loan guarantees to significant strategic U.S. businesses at risk is not without precedent. The SBA guarantees loans every day in this country for small business. We do it for agriculture. Congress has done it for New York City, for Lockheed Aircraft, for Penn Central, for Conrail. It is a common practice. Mr. Speaker, these industries need our help. They are critical to the economic security and the national security of our country.”