Lugar discusses economy with students

INDIANAPOLIS (WISH) - The clock is ticking to help the "Big Three". The White House has issued a statement hinting it may step in.

Senator Richard Lugar says the management of the big three auto makers has not been adequate for the times we live in.

He talked about the problems facing the nation Saturday at the Lugar Symposium for high school students at the University of Indianapolis.

Senator Lugar spoke to about 500 high school students first on the state of the U.S. economy.

"A world economic crisis of huge significance. It is too early to tell whether it is of the same magnitude as the great depression of 1929 and early 30's," Senator Lugar said.

This was the 32nd year for the Lugar Symposium where high school juniors from across the state get a unique insight into the world of global affairs.

"I love how he pointed out our economic problems along with our achievements in Iraq as well as he does believe Barack Obama can improve and change our economic crisis," said Gabriella Hernandez, a student at Wawasee High School.

Following his speech, Senator Lugar spoke about the frustrations he felt with auto industry leadership.

"You think with all the leadership in the industry; the labor, management and creditors or what have you. This has not been a high point in terms of talent and as a result we all hope for better and maybe as we visit some more about it, there will be better results," Senator Lugar said.

Senator Lugar expects the White House to come up with a rescue plan. He said right now, it's uncertain just how much and what controls will be placed on the proposal.

Next week, Senator Lugar travels to Russia to talk with leaders there on the economy and nuclear weapons.