Employees at the company I work for are eligible for GM supplier discounts. At some point in the past I signed up for that program. This morning I received an email blast from a GM executive. Highlighting is as it was received.
Because our futures are linked, I want you to know that General Motors is doing everything possible to deal with the impact the financial crisis is having on the domestic auto industry. Yet despite our successful efforts to restructure, reduce costs and enhance liquidity, we are facing an uphill battle with the current administration and Congress in securing a bridge loan.
That’s why we need your help now. Simply put, we need you to join us to let Congress know that a bridge loan to help U.S. automakers also helps strengthen the U.S. economy and preserve millions of American jobs.
Despite what you may be hearing, we are not asking Congress for a bailout but rather a loan that will be repaid.
The consequences of the domestic auto industry collapsing would far exceed the $25 billion loan needed to bridge the current crisis. According to a recent study by the Center for Automotive Research:
• One in 10 American jobs depends on U.S. automakers
• Nearly 3 million jobs are at immediate risk
• U.S. personal income could be reduced by $150 billion
• The tax revenue lost over 3 years would be more than $156 billionDiscussions are now underway in Washington, D.C., concerning loans to support U.S. carmakers. I am asking you to support this vital effort by contacting your representatives.
Please take a few minutes to call your representatives by dialing 1-866-471-5332. Just state your name and address, and your message will reach your legislators. You can review a script that will help you state your support at gmfactsandfiction.com. Under the “Mobilize Now” section, click on “I’m a Supplier.” If you would rather e-mail your representatives, use the link “I’m a Concerned American.”
Please share this information with friends and family using the link on the site.
Thank you for helping keep our economy viable.
Sincerely,
Troy Clarke
Moe Lane
JadedByPolitics
Brian Simpson
streetwise_IT
Dan Spencer
Jim Kelly
It's a bailout.
Shawn Gillogly Wednesday, November 19th at 8:22AM EST (link)And the jobs will still be lost. The lenders will still treat it as a partial bankruptcy. UAW will keep it’s bloated package that is exasperating the issue. And the Detroit Three will not restructure even though they have to to survive.
A band-aid over a gunshot wound by any name is a band-aid over a gunshot wound. That is to say, an utterly inadequate and idiotic solution.
“Liberals are always talking about pluralism, but that is not what they mean. In public school, Jews don’t meet Christians. Christians don’t meet Hindus. Everybody meets nothing.”- Dennis Prager
Certainly this letter was ridiculous
bk Wednesday, November 19th at 9:26AM EST (link)GM’s attitude seems to be: “We’ve done everything perfectly, but due to global issues outside our control we need a bridge to get to 2010 when Utopia will return.”
bankrupt the auto industry
James_Reynolds Wednesday, November 19th at 11:25AM EST (link)and restructure. It is the only way they can have a chance, otherwise the same issues will plague them (high cost of retirees and pointless jobs aimed at increasing union rolls). I have no problem if we do what other investors do with bankrupted companies and offer to bankroll them after seeing their restructure. This would create a smaller loan that is acceptable by many, reduce overhead, make them competitve and make it possible to repay the loan.