A Time for Change

I do not understand why Congress has rushed to the aid of AIG and Wall Street, including to help capitalize banks so that they can buy up other banks, but not really unfreeze credit, when they refuse to give the big 3 auto manufacturers money for a bridge loan so that the industry does not go under. The CEOs of GM, Ford and Chrysler went to Congress to try to get an agreement for a bridge loan because auto sales have fallen 31.9 percent in October alone because buyers were not able to get financing due to the credit crunch.  

It is really unacceptable that this country would let these companies go under when we have bailed out other industries far less deserving.  The midwest has been in a recession far longer than the rest of the country.  Foreclosures were rampant there well before they became national news. The automakers have taken major steps to become more competitve, including having the UAW pay for health care of retired workers by 2010.  The US auto industry, for example, is less competitive because of soaring health care costs, not only for those currently working but for all of the retired workers.  Obama was absolutely right that if something is not done about the cost of health insurance and health care in this country, and soon, no company will be able to compete with foreign companies where health costs are significantly lower.

I really urge people who oppose a bridge loan to these auto manufacturers to reconsider supporting it.  If these companies go under, the Midwest will be even further devastated than it is now and the United States will no longer make cars.  One more thing that we do not manufacture. Over the long term, our economy cannot be sustained on spending alone.  It is really important that we continue to make cars and that, in the future, we make other things as well.  We need to keep jobs here and put people back to work.  Congress,  do something for a change.

The CEOs are still in Wasington trying to forge some kind of a deal, but it does not look very likely.  I hate to think that we will look back at this moment in time when this country lost the opportunity to make something and to save the Midwest from suffering even more than it already is.  The alternative is just unacceptable.