Dear Mr. President:
I am writing to you today to ask that you, Treasury Secretary Paulson, and Fed Chairman Bernanke do something that Southern Republican Senators are unwilling to do: help save the American auto industry. America is depending on you. Though your retirement is just over a month away, you are still the president and you have all the powers of the office. The problems the Big 3 face are beyond petty party politics. It goes beyond the GOP trying to deal a death blow to the UAW. It goes beyond regional politics--North versus South, American car companies versus foreign transplants.
I know it's going to cost money, a lot of money. But the financial industry was worth saving and that cost tax payers twenty times what the Big 3 are asking for. The financial industry doesn't make anything--it moves paper around. Our auto makers are the manufacturing backbone of our nation. Could we really call ourselves a superpower anymore if we don't make are own vehicles? Will our Army Jeeps be made by Toyota? Honda? Kia? VW?
Ten percent of the American economy is dependent upon the auto industry. If our Big 3 go under, the ripple effect will be astronomical and will cost our economy much more than the tens of billions needed to prop up the industry. Think of all the unemployment payments that will be paid out when that happens. Oh, and those American parts suppliers that the foreign transplants use for their plants in places like Alabama, Georgia, and Tennessee won't be there. Guess where those transplants will shift their manufacturing--back to their home countries.
So Mr. President, I am asking you, imploring you, to give the car companies the life saving shot of capital they need in this woeful economy. GM is already on life support having announced it will mothball 20 factories in early 2009 and cutting 250,000 vehicles from production. This goes beyond our auto industry though, the American economy is reeling. If the Big 3 go under, our economy may plunge into hardship not seen since the 1930s.
It's up to you and your team Mr. President. The Congress tried and failed. You are the last hope. Please don't let us down.