Thread: Looks like our government wants to bail out another one

I wrote my congressmen and senators today. I told them I DID NOT want this bail out. The last bailout is already a mess and this one will be too. I do not want my dollars spent to pay for irresponsible behavior. Here is one response I got from my representative today who sounds like he wants to support this mess:



Dear Alisa,

Thank you for contacting me about a proposed loan for American automakers. Hearing from you helps me better represent Middle Tennessee.

I share your concern that automakers should not be rewarded for mismanagement. These companies have no one to blame but themselves for the series of bad decisions that led to this precarious position. Unfortunately, if the fortunes of these companies don't improve, it will be hardworking families and the national economy, not management, who suffer. One in 10 Americans have jobs related to the automotive industry. Estimates are that 3 million jobs could be lost in the first year alone if Ford, GM, and Chrysler were forced to declare bankruptcy.

The broader impact this kind of collapse could have would reverberate throughout the economy. Consumer spending would plummet if 3 million jobs disappeared, forcing businesses to cut back on staff and distributors to scale back inventory. Hardworking Americans whose only interaction with the auto industry was an oil change every 3,000 miles will suddenly find themselves out of work because these companies were allowed to collapse.

In Tennessee unemployment is already at a 25-year high. There are over 800 automotive suppliers in our state. The smallest reductions in production impact these businesses. A major cutback would be catastrophic. I support keeping these manufacturers in business not only because it will save those jobs, but because it will allow the broader economy to continue on the road to recovery. A healthy economy means families will be discussing whether to take a better job or by a new home rather than just how to make ends meet.

I agree that it is not the job of government to prop these companies up. Any taxpayer money invested must be a loan with interest to the automakers to be paid back, not a bailout. Any proposal must prohibit bonuses to executives who got rich making the decisions that led these companies down the wrong path, and must require that shareholders don't see a cent until taxpayers are repaid. This kind of plan worked in the 1970s when Chrysler was threatened with extinction. The government stepped in and Chrysler survived and thrived, ultimately allowing taxpayers to make a profit on their investment. We can follow that formula now and save the jobs that are threatened, and guarantee that the ones that aren't are never put in jeopardy.

Thank you again for writing. Please do not hesitate to contact me again should you or your family need any assistance.

EMAIL.BEGINHIDE.MERGE

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Sincerely,



BART GORDON

Member of Congress

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Stay in touch,
BART GORDON
Member of Congress

I have been glued to the TV all afternoon listening to the Senate questioning the UAW and Big Three. The whole thing is going around in circles, just like my dog chasing his tail. One Sen. just asked why this country needs three car manufacturers. If one goes down there will be at least one million people out of work not only at the plants, but in peripheral businesses. If they do get the bailout and start producing cars "people want to buy," with all the massive layoffs in many businesses and tight credit there will be very few vehicles sold in this country. (I drive a 95 Chevy Lumina with 80,000 miles, so why do I need a new car?)

I belong to The Campaign for Liberty and I just received these prewritten letters to be emailed to my Senators urging them to vote no on the bailout.

If others here are against the auto industry bailout and are interested in doing the same, please feel free to copy and paste the following. Letter #1 is for Republican Senators, #2 for Democrats. There is a link at the end where you can locate the contact info to your Senators.

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Action Alert

After the Paulson $700 billion bailout package passed in early October, we knew it was only a matter of time before Congress moved to use your money yet again to bail out a struggling industry.

Now, a vote to give funds to the "Big 3" auto manufactures, GM, Ford, and Chrysler, is likely to come up in the Senate tomorrow.

Call your Senators today and ask them to oppose bailing out the auto industry, whether with funds from TARP, revisions of previous loans, or any new grants.

The ultimate fate of the auto industry bailout remains uncertain, and it is crucial that we contact our Senators today and urge them to stick to the Constitution and free market principles.


The following letters need to be put in the email, whether as attachments or however you want to do it.Â* The first should be labeled, "For Republican Senators".Â* The second should be labeled, "For Democratic or Independent Senators".
Â*
Letter #1:
Dear Senator (Name),

I urge you to oppose any bailout of the auto industry, whether by taking existing funds from TARP, revising any previous loans, or making new grants.

The auto industry is lobbying hard for taxpayer money when they should be entirely focused on restructuring their companies and recouping their losses. There is no guarantee that a government handout will have any positive effect, and that GM, Ford, and Chrysler will not be back in a few months asking for additional billions.

Since a bailout will only delay the economic consequences of the Big 3's current predicaments, Congress should allow the market to work so that the fallout can be dealt with and overcome as quickly as possible.

Instead of handing out more of the taxpayers' money and moving further away from the free market ideas that made America great, I ask you to:

1.) Curb regulation: The auto industry is already one of the most heavily-regulated industries, and a bailout will bring more government regulation and additional costs. Alleviating even a little of the red tape would free up resources for them to address their financial situations, save jobs, and produce quality products to jump-start sales.

2.) Cut taxes: Cutting corporate and capital gains taxes would give these companies immediate funds to put toward their problems. Cutting individual income taxes would return much needed money to workers and consumers, strengthening their financial positions and purchasing power during these turbulent times.

Taking just these two steps will save the industry far more in the long run than the numbers currently being proposed for the bailout.

Additionally, because the Paulson TARP plan has abandoned its originally stated purpose of buying toxic assets, is not holding up its promises to be transparent, and has not been properly accountable to Congress, no further expenditures should be authorized until the Treasury Department presents a full accounting to Congress of how it has already dispersed TARP funds.

Since the election, Republicans have talked of returning to their limited government message. This is a chance for you to prove your committment to free market capitalism and the freedom philosophy by demonstrating that the Republican Party will be worthy of our trust in the next Congress. A vote for another bailout will send the signal that, despite any lip-service paid to limited government principles, Republican talking points of defending them are cheap and little more than campaign rhetoric.

The answers to our economic problems cannot be found in further government intervention. As your constituent, I urge you not to put my tax dollars on the line and to vote "no" on the auto industry bailout.

Sincerely,

----------------------------------------------------------------

Letter #2:

Dear Senator (Name),



I urge you to oppose any bailout of the auto industry, whether by taking existing funds from TARP, revising any previous loans, or making new grants.

The auto industry is lobbying hard for taxpayer money when they should be entirely focused on restructuring their companies and recouping their losses. There is no guarantee that a government handout will have any positive effect, and that GM, Ford, and Chrysler will not be back in a few months asking for additional billions.

Since a bailout will only delay the economic consequences of the Big 3's current predicaments, Congress should allow the market to work so that the fallout can be dealt with and overcome as quickly as possible.

Instead of handing out more of the taxpayers' money and moving further away from the free market ideas that made America great, I ask you to:

1.) Curb regulation: The auto industry is already one of the most heavily-regulated industries, and a bailout will bring more government regulation and additional costs. Alleviating even a little of the red tape would free up resources for them to address their financial situations, save jobs, and produce quality products to jumpstart sales.

2.) Cut taxes: Cutting corporate and capital gains taxes would give these companies immediate funds to put toward their problems. Cutting individual income taxes would return much needed money to workers and consumers, strengthening their financial positions and purchasing power during these turbulent times.

Taking just these two steps will save the industry far more in the long run than the numbers currently being proposed for the bailout.

Additionally, because the Paulson TARP plan has abandoned its originally stated purpose of buying toxic assets, is not holding up its promises to be transparent, and has not been properly accountable to Congress, no further expenditures should be authorized until the Treasury Department presents a full accounting to Congress of how it has already dispersed TARP funds.

The answers to our economic problems cannot be found in further government intervention. As your constituent, I urge you not to put my tax dollars on the line and to vote "no" on the auto industry bailout.


Sincerely,
-------------------------------------------------------------------
Link to find your Senator's contact info:
http://www.senate.gov/general/contact_i ... rs_cfm.cfm

Let them fail, no bailing. When has the government helped us the citizens of America. Why are we bailing out corporate AMERICA?

No to Bail Outs!

Our government and corporate America will not even E-Verify, so America Citizens can have jobs.

Notice that the bailout that you and I are funding is going straight into the pocKets of the corrupt elitists?

There are millions of jobs at stake. I would not have so much a problem with the Big 3 Bailout if the Big 3 actually made cars most people would want.

Lets face it, these 3 are behind the 8 ball on something huge-fuel efficiency. With gas being so low now, might not seem like such a big deal. Gas will go up-we all know it will. And when it does it will likely stay there. Unless these automakers get with the times, I dont think I wan't anything to do with bailing them out.

We should probably not be laying all the blame at our car makers. There may very well have been corruption at the top level, but ask yourself, do you think this would have been happening if GM did not have to be paying so much in employee benefits, specifically health care? Health care is soo expensive nowadays that corporations could be using the lost profits to fund more R&D and perhaps increases in salaries. If we had nationalized health care the burden would be moved away from the corporations to the government and thus to the tax payers. Then and only then will these companies have no excuse for low profit margins or decreases in R&D.

I'd rather prefer businesses not have to deal with health care costs for their employees thus making it less of a burden for them to create jobs. If I had to pay more in taxes for national healthcare then I'd be up for it if it meant more jobs and higher wages.

By the way. If these car makers aren't bailed out by OUR own government, you don't think some Chinese car maker with lots and lots of extra money will not step in and purchase these American corporations? I mean GM is really cheap now (only $3 a share), they could pay as low as $30 per share and that would be a good offer, GM would take it. I welcome globalism, and if saving thousands of jobs meant it had to come down to this, I would say 'Go for it!', but I'd prefer GM remain in America's hands just for old times sake.

In 1984 I bought a brand new Chrysler Laser if anyone can remember them.........It cost me, a 24 year old at the time, 11,000.00.

THe car lasted 2.5 years before dying.

No one bailed me out and Chrysler still makes junk.

During news clips, I see robots making cars, other manufacturing is also off shored. Will the big 3 bring back the manufacturing to the US?

Much of the big threes budget goes for retirement benefits for the Auto workers. Why should I pay for Health insurance for those retirees when I don't have health insurance on my own family because I CANT AFFORD it for my own family? Why does Nina Rodrigues get free health care and I don't?

Its all a huge mess and we've got well educated idiots steering the ship.

In 1984 I bought a brand new Chrysler Laser if anyone can remember them.........It cost me, a 24 year old at the time, 11,000.00.

THe car lasted 2.5 years before dying.

No one bailed me out and Chrysler still makes junk

So true, I had the misfortune to own a Chrysker Labaron.....Bad news. Yes they make junk and cater to oil companies...now they want to steal us blind. There is no justice in any of that.