Bailouts Breed Entitlement

Memo

Date: November 28th, 2008

To: Speaker of the House
Senate Majority Leader

From: The Taxpayer


Subject: “Audacity of” Bailouts breed Entitlement

It is with the utmost respect that we, the taxpayers, humbly ask what was the purpose of the Senate meetings with General Motors, Ford and Chrysler two weeks ago?

At the onset it appeared to us that the Big 3 were in town to receive what they referred to as a bridge loan of $25,000,000,000 (note all the zeros).

What we, the tax payers refer to as a bailout. Please note, in this context, we are using the term bridge loan as a synonym for bail out and government as a synonym for bank.

They came with hope, their hands outstretched (Audacity).
They brought nothing with them to the table to justify the loan (Audacity).
They left a large carbon footprint, shadowing their tail, (Audacity).

We understand their perspective. They felt entitled.

The actions of the government the past few months have been to “rescue” (another synonym for bailout) the financial institutions.

Well, why not? The Big 3. American icons, employing directly and indirectly millions of American workers. They support the economy of several mid west states with their taxes. They support the local economies with the bloated salaries of their unionized workers. How could the government let them fail?

After all, they are not the airlines or the steel companies. Entitlement?

Did you, Ms. Speaker or you, Mr. Senate Majority Leader lead them to believe and therefore expect that it would be easy for them to come to Washington with nothing and leave with $25 Billion? Did they really believe that they could come empty handed and walk away with a cheque? No strings attached?

Was that inferred? If only it was that easy for a business to get a loan.

It was suggested by Mr. Senate Majority Leader that it would be easy to take $25 BILLION, from the $700 BILLION. Mr. Paulson, said NO!

Several of your duly elected senators voted with much trepidation to extend $700 BILLLION to rescue the banks. Those who voted for the $700 Billion may not support a re-allocation of $25 BILLION to the Big 3.

Especially, we would imagine, those senators who hail from the southern states, where the healthy car manufacturers (with foreign ownership) have multiple plants, and support the economies of several states and towns. They employ thousands of American taxpayers, both directly and indirectly without bloated salaries…. yet still generating a profit.

Sir, if the decision is made to bailout the Big 3 using money from the $700 Billion, then please, respect our elected senator's positions and have a separate vote. We would like to know how they voted! .

With all the forecasted job losses, coming from the financial sector, perhaps some of the unemployed can be put to work keeping the printing pre$$e$ running.