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I am a 44 year old businessman and a passionate outdoor enthusiast. I am one of 7 children born and raised in the city of Detroit. While I am not employed by the Big 3, I have worked around the industry my entire career. For the following reasons, I believe the Senate needs to approve this bill and protect America from falling into a depression!
1. This is NOT a Detroit issue and should NOT be isolated as such. States like Ohio, Iowa, Illinois and Indiana, along with Michigan and many others, will be crushed. Trying to fix this later will be far more expensive and perhaps beyond repair.
2. Even if businesses think they are not affected by the auto industry, they are. Companies that lose business from the auto industry (suppliers, law firms, accounting firms, ad agencies, etc.) would compete desperately with those companies temporarily unaffected by the collapse of the auto industry, thereby creating unfair competition. Many of these desperate competitors will be in stages of bankruptcy and operating on a cheaper scale, with nothing to lose under the protected rights of Chapter 11. This sort of collusion will create another massive wave of jobs lost. The loss of jobs will be pandemic and the entire country will feel the pain!
3. While bailing out the Big 3 is unprecedented, so is bailing out the banks and the insurance companies. People are ready to drive American again! In my business, I hear it everyday. Lets save the auto industry and lets save America! The longer we allow the current crisis to wallow in limbo, the more damage we do to the great brands that have been the backbone of America.
4. The big difference between todays deep recession and the Great Depression is the unemployment number of 7% today vs. well into the 20s during the Great Depression. Not passing the Big 3 bailout bill will cause the job market to spiral closer to the numbers during the Great Depression and will be tragic beyond our comprehension.
5. If we allow the auto industry to collapse, all of the $700 billion in the TARP fund will be wasted, as we will have taken 1 baby step forward and 5 big steps backward! I understand fully that operational changes need to be made, but if we dont start now, we may never have the opportunity again.
With hope and belief that America will stand strong and move forward in these critical times, I ask you, Senators, to approve the bailout bill and save our great country!
Stephen S. Dooley