Wake up Mr. President Wake up Mr. Bush in case you didn't notice your party is almost over. As a Conservative I can say I am very disappointed in what started out to be a strong and successful Presidency. You have very little time left to recover your legacy and accomplish the great things that you had the potential to do. We have this boondoggle bailout that so far hasn't done squat for the American people. We have the potential of 40 or 50,000 auto workers who will soon be out of work and yet your administration chose to once again to add to the ever growing socialistic package of buying the favor of the banks and insurance companies. If the Big Three Auto makers here in the United States go broke it will take more than insurance and holding banks to bail us out of the depression we will be in. This is the time for you to get moving and broker a deal between the UAW and the Big Three. The Unions have a stake in this too. They have pillaged the auto manufactures to the point of breaking and need to sit down an renegotiate a livable program in order to keep their constituents employed. A union brings nothing to the table if it has no work.
The program that I suggest for the big three is as follows:
We establish a Federal Holding Bank that will loan the required funds to each individual company on a as needed basis. This bank would be set up to do only this function and have a life span of no more than 10 years. These loans should be fully collateralized with a firm repayment plan in place. The interest earned by this bank should be used to offset the cost of operation.
It should be up to the companies themselves to present a workable business plan showing how the recovery money loaned to them from our tax money would work and how they would pay it back in a reasonable time period, not more than 10 years. A committee of financial experts should evaluate the collateral and business plan and be responsible to oversee the disbursement of these funds. I am not suggesting the government get involved in the operation of these companies but they should as in any business plan be required to have quarterly reports reviewed by the loan officers who will evaluate their viability.
Mr. President, it's in your power to turn this economy around. You have never had a better chance to get the Congress to function in our behalf. The mood of the American people is such that any refusal to work together will be looked upon as partisanship and will not be taken lightly. Make your move now to rebuild the structure of our economy and regain the legacy of your presidency. I know the bail out of the auto makers is just a small part of what's needed but it should be a priority if jobs for Americans matter.
The recovery of the banking industry is not being helped by the greed of some holding banks that are hoarding money in an effort to take over smaller banks. Smaller community oriented banks built this country and are becoming extinct because of the greed that some of these big banks have shown. We need as a business community to be able to go to our local banker and develop a relationship as we have in the past. In today's banking world these relationships no longer exist. In my small town alone over the last 10 years we have had bank takeovers at least 4 times. Eventually our town will end up without a bank as it will become just an additional cost that is not needed by anyone except the community.
I know I am just one voice in the crowd but if many voices come together we can make it heard. Print this if you feel the same and send it from cities all over the country to the White House, maybe then our shout will be loud enough for them to hear us.
And that's my opinion,
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