I just sent the following letter to Representative Mike Rogers, Senator Richard Shelby, and Senator Jeff Sessions.
It would be a sad day to see GM, Chrysler, and Ford go out of business, but I’m afraid I just can’t afford to prop them up. I have my own financial obligations to take care of before I go saving entire industries.
I oppose the $25 billion in emergency loans to the auto industry. The “Big
Three” are no longer the big three because they have not met marketplace
conditions to remain such. As a resident of Alabama, I have seen new
economic growth in the state as a result of foreign auto manufacturers
setting up shop. This should not be undermined by providing protectionist
loans to US automakers who are not able to remain solvent on their own.
I opposed the Wall Street bailout for the same fundamental reason that I
oppose this bailout, free rides should not be given to corporations who
have not properly managed their finances.
The failure of these auto manufacturers would be a terrible thing, but
unless these companies can right themselves, it sends a dangerous message
to businesses all across the country that fiscal responsibility is not
necessary for success.
Please do NOT support legislation that will give more American tax dollars
to failing companies.
Cartoon from NatalieDee.com