By Edward Deeb
January 22, 2009
Was the highly political and gutless action of the United States Senate to refuse to assist our nation’s auto industry with a bridge loan to help General Motors, Ford and Chrysler survive, the beginning of the end?
The companies were asking simply for a $14 billion line of credit to tide them over for three months to assure cash flow to operate their businesses, pay their bills, keep their suppliers going, and be able to pay workers.
If you had the chance to watch the debate involving the U.S. Senate, you saw these elected officials (paid by us) grandstanding on television, while knocking our auto industry, and demanding all kinds of guarantees and accountability. For a $14 billion bridge loan or line of credit.
Compare this with the $750 billion the Senate approved and gave to banks and financial institutions with virtually no strings attached. Could you believe this? They gave that much money without any strings!
We are talking about our auto industry which is responsible for more than 2 million jobs, or shall we say 2 million people and their families.
This is the same industry that was the “arsenal of democracy” that helped the allies win World War II. They built the tanks, vehicles, airplanes and boats because of the mass production technique they perfected. This is the industry that put our nation and the world on wheels. This is the same industry which helps provide relief for millions of people in need because of losing their homes due to hurricanes, and other tragedies.
Please do not misunderstand. I personally am against socialism and favor the free enterprise system. But we are talking about a loan to be paid back, a line of credit to keep this vital industry going. It is an industry we need, not to be tossed into the rubbish.
The lack of action by the U.S. Senate to help keep our auto industry going - the morally right thing to do under the circumstances - is unforgivable.