December 15, 2008
Dear Fellow Republican:
You're all aware of this week's bailout news. But things still hang in the balance on the UAW/GM/Chrysler bailout, and I wanted to ask all of you to act now to slow down our slide to government ownership of another sector of our economy.
I guess some people think that if you're going to abandon principles, you might as well do it BIG!
I hope all of you believe, as I do, in free market capitalism, and I hope you further agree with me that all of the bailouts and talk of new bailouts are a complete abandonment of that concept. We have an update and a way for you to act in this issue of The Compass.
Bailout Status
This past week, the House of Representatives voted for a NEW $15 billion bailout of the UAW, GM and Chrysler (a German, not American, company as I recall). I am happy to say that no Virginia Republicans voted for this bailout.
Be aware that if this bailout ever gets through, it will have enormous strings attached. Namely, all of the regulatory burdens that the Dems couldn't get through as legislation, they'll get instead as conditions of these loans/chairitable gifts. As someone that believes that such burdens on business reduce competitiveness and freedom, that will only make this proposal 50 times worse.
The short-term good news is that the bailout, part deux, failed in the Senate. They couldn't get to 60 votes on the cloture vote (the vote to break a filibuster). The embarassment for Virginia is that both of our Senators, Warner and Webb, voted FOR the second bailout. Sad.
What's Next
It would be nice if this chapter were over, but it's not.
Here's a quote from http://www.opinionjournal.com/ on the Senate's rejection of the bailout, part deux, without concessions from the UAW. It rings particularly true for a father of small children:
Dear Fellow Republican:
You're all aware of this week's bailout news. But things still hang in the balance on the UAW/GM/Chrysler bailout, and I wanted to ask all of you to act now to slow down our slide to government ownership of another sector of our economy.
I guess some people think that if you're going to abandon principles, you might as well do it BIG!
I hope all of you believe, as I do, in free market capitalism, and I hope you further agree with me that all of the bailouts and talk of new bailouts are a complete abandonment of that concept. We have an update and a way for you to act in this issue of The Compass.
Bailout Status
This past week, the House of Representatives voted for a NEW $15 billion bailout of the UAW, GM and Chrysler (a German, not American, company as I recall). I am happy to say that no Virginia Republicans voted for this bailout.
Be aware that if this bailout ever gets through, it will have enormous strings attached. Namely, all of the regulatory burdens that the Dems couldn't get through as legislation, they'll get instead as conditions of these loans/chairitable gifts. As someone that believes that such burdens on business reduce competitiveness and freedom, that will only make this proposal 50 times worse.
The short-term good news is that the bailout, part deux, failed in the Senate. They couldn't get to 60 votes on the cloture vote (the vote to break a filibuster). The embarassment for Virginia is that both of our Senators, Warner and Webb, voted FOR the second bailout. Sad.
What's Next
It would be nice if this chapter were over, but it's not.
Here's a quote from http://www.opinionjournal.com/ on the Senate's rejection of the bailout, part deux, without concessions from the UAW. It rings particularly true for a father of small children:
"You have to hand it to Ron Gettelfinger, president of the United Auto
Workers union, and his colleagues. Negotiating for a living is, you know, what
they do. And they're good, very good. They know when somebody's about to
blink.
So it was last Thursday night that Mr. Gettelfinger rejected the deal
offered by Senate Republicans for interim bailout money to keep General Motors
and Chrysler alive for a few more months. The UAW chief was betting that the
Bush administration would blink, and that the union would get a better deal from
the politicians than it would get from the marketplace or from a bankruptcy
judge. It's a ploy we all learned in childhood. When dad won't give you what you
want, turn to mom."
As depressingly astonishing as it may be, President Bush is considering using money from the first bailout bill as a slush fund to lend or give money to GM and Chrysler - without any concessions from the unions. You remember, that was the bill to bailout the financial sector?!?
So, President George ("Herbert Hoover"?) Bush is seriously considering breaking the bounds (what bounds?) of the first bailout bill to just go spend the money on whatever the heck he wants to spend it on... even when that has already been defeated in the Senate!
Incredible.
What Can You Do To Stop This Insanity?
Given that the President has not yet decided whether to bail out the UAW and automakers, there is still time to let them know what you think. Please send them an email to comments@whitehouse.gov AND call their comments line at 202-456-1111.
Let's try not to fall farther down this horrible path to unrecoverable debt and an abandonment of capitalism. Please send them an email and call today!
So, President George ("Herbert Hoover"?) Bush is seriously considering breaking the bounds (what bounds?) of the first bailout bill to just go spend the money on whatever the heck he wants to spend it on... even when that has already been defeated in the Senate!
Incredible.
What Can You Do To Stop This Insanity?
Given that the President has not yet decided whether to bail out the UAW and automakers, there is still time to let them know what you think. Please send them an email to comments@whitehouse.gov AND call their comments line at 202-456-1111.
Let's try not to fall farther down this horrible path to unrecoverable debt and an abandonment of capitalism. Please send them an email and call today!
Sincerely,
Senator Ken Cuccinelli
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