[zebra]

just got this last night

Dear zebra,

Thank you for contacting me about a loan for domestic auto manufacturers. Hearing from you helps me better represent Middle Tennessee.

Like you, I know how important the auto industry is to our nation's economy. If the fortunes of these companies don't improve, it will be hardworking families and the national economy, not management, who suffer. One in 10 Americans have jobs related to the automotive industry.

The broader impact this kind of collapse could have would reverberate throughout the economy. Consumer spending would plummet, forcing all businesses to cut back on staff and distributors to scale back inventory. Hardworking Americans whose only interaction with the auto industry was an oil change every 3,000 miles will suddenly find themselves out of work because these companies were allowed to collapse.

In Tennessee unemployment is already at a 25-year high. There are over 800 automotive suppliers in our state. The smallest reductions in production impact these businesses. A major cutback would be catastrophic. I support keeping these manufacturers in business not only because it will save those jobs, but because it will allow the broader economy to continue on the road to recovery. A healthy economy means families will be discussing whether to take a better job or by a new home rather than just how to make ends meet.

Any taxpayer money invested must be a loan with interest to the automakers to be paid back, not a bailout. Any proposal must prohibit bonuses to executives who got rich making the decisions that led these companies down the wrong path, and must require that shareholders don't see a cent until taxpayers are repaid. This kind of plan worked in the 1970s when Chrysler was threatened with extinction. The government stepped in and Chrysler survived and thrived, ultimately allowing taxpayers to make a profit on their investment. We can follow that formula now and save the jobs that are threatened, and guarantee that the ones that aren't are never put in jeopardy.

Unfortunately, the President and members of the Senate are currently blocking efforts to aid the auto manufacturers. I am disappointed they are ignoring the needs of so many Americans while our economy continues to struggle. Know that I will continue to fight for these jobs and American industry.

As always, I appreciate your advice on this and other matters.

Sincerely,

BART GORDON
Member of Congress

nice to know we've still got leaders on our side