No to Auto Bailout

The airline industry did not stop flying when it went bankrupt, and the auto companies will not stop producing cars if they go bankrupt. Bankruptcies will eliminate the debt on the books decrease interest payments and make the companies more competitive, if and when they ever get around to producing autos that consumers want instead of what the manufactures want to produce.

The combined market cap of GM and Ford is a grand total of $6.14 Billion. Spending $25 billion on companies worth only $6.14 billion makes no sense.

The $25 billion is money we need.  For example, it's a third of the expected cost of Obama's health-care plan.  We can't afford to throw it away.

For more fun facts, and for a perspective more from the right, check out Mish's Global Economic Trend Analysis.
Honorable congressperson,

The airline industry did not stop flying when it went bankrupt, and the auto companies will not stop producing cars if they go bankrupt. Bankruptcies will eliminate the debt on the books decrease interest payments and make the companies more competitive, if and when they ever get around to producing autos that consumers want instead of what the manufactures want to produce.

The combined market cap of GM and Ford is a grand total of $6.14 Billion. Spending $25 billion on companies worth only $6.14 billion makes no sense.  Furthermore, GM alone has a negative net worth (Stockholder's Deficit) of $60 Billion according to GM's 10Q for the period ended September 30, 2008.  If Congress gave GM $50 billion, GM would still be worth a negative $10 billion!

The $25 billion is money we need,  please do not throw it away.

Thank you for taking the time to listen to the concerns of your constituents,

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