Thursday, December 11, 2008

Big Three Bridge Loan

Normally, I do not like to comment on politics in this blog. Although I comment on political posts at other blogs, it really is not the reason that I started blogging.
So this post will be a rare deviation from the norm.
I am really starting to get fed up with the grand standing in the House and especially the Republican members of the Senate regarding these loans. They are literally a pittance when compared to the TARP funds that Congress has approved for the likes of AIG and the large banks.
Regardless of what you think of GM, Ford, or Chrysler's products, they are the main economic engine of the state of Michigan. We need this money from Washington ( I would like to point out that Michigan is a donor state to the Federal government. In 2005, Michigan got $0.92 for every dollar sent to Washington, while Alabama gets $1.66 H/T O'Tim).
These funds are not a "bailout". Even if these companies eventually do go out of business, the Federal Government will still get their money back as they will be first in line if a bankruptcy occurs, so there is no risk to the American Taxpayer.
I am now, and have always been, a "we're all in this together" type of person. Michigan has been neglected for years and years by the Federal government and it is time for that to stop.
The "Red States" of the south and west are always carping about paying taxes to Washington but by and large benefit from funds received from "Blue States" Like Michigan, California, New York" and others. Seventeen states pay more into Federal taxes than they get back in the form of Federal spending. They are all "Blue States" with the notable exception of Texas (whuch got $0.94 in 2005).
I will not go into all of the tax breaks that the foriegn auto companies got to locate their plants in non-union states in the south, both Federal and State.
If you agree with me that this is inherently unfair, especially in these extremely trying economic times for Michigan, Ohio, and other states, please write, call, of email your Senator and express your opinion.

I also encourage you to visit this website

Here is the text of an email that I wrote to Senator Richard Shelby of Alabama:

Senator Shelby;

I am a resident of Michigan. Our state has been in recession since 2002. Although I am employed, many of our people are having trouble finding employment and if you insist on driving General Motors and Chrysler out of business, our unemployment rate could reach 15% or more.That's a depression.

Our state is struggling really bad, and we are all doing the best we can up here. When Wall Street had a crisis, you and others handed them 700 billion dollars. If you divide that up 50 ways, you get 14 billion. Okay, fine. Just give Michigan the money that we sent to Washington to keep our main economic engine alive and stop the grand standing. We are asking for a LOAN. This money will be paid back. I find the hypocracy of Washington politicians telling us that we overpromised workers and retirees ridiculous when your party has gone on a spending spree like a bunch of drunken sailors over the last eight years.I did not see one Wall St. CEO getting humiliated by congress for days on end when they got 50 times the amount of money from the government. You all just handed it over to them and they won't even lend it to anyone. They are using it at luxury resorts and to buy each other's bank, and not to stop the forclosure crisis.

I was disgusted to see how our business leaders were treated by you and others. It will be a cold day in hell before I ever set foot in your filthy swamp of a state. I will never buy anything that is produced by your state. I don't know why you feel that it is the right thing to do to attack a state that has never done anything to Alabama, but if trade war and boycott is what you want, then so be it.

Just remember, there may be a day when Michigan is in a position to help Alabama during a hurricane or some such disaster. I will say "let them suffer, they are not worth the dirt on my shoes".
You need to stop this opposition and not kick a fellow state that is down. We are in desperate need or we would never go through the humiliation you and others are subjecting us to. It is just plain sadistic.

Even President Bush has said that we must not let the American Auto industry die. He is the head of your party. Listen to him.If you do not, Michigan will never forget the mortal blow that you will inflict on us.
I don't know why I am bothering to write this. Someone as arrogant as yourself probably thinks that the "little people" like me don't count. We have seen how you and your corrupt ilk hold the common man in contempt.

Just remember, some day it could be Alabama on the ropes. When that happens, I will personally tell you to go to hell.

Very Truly Yours Tim Gasco, Lifelong Michigan resident and veteran