The petition
To: United States Congress and President Bush
We, the undersigned, oppose any bailout or loan to automakers. Furthermore, we oppose any program that is outside of normal business procedures for these companies.
The automakers "Big 3" have indicated that the proposed $25 billion is not enough for them, reportedly asking for $50 billion. However, within the last 5 quarters, Ford has lost approximately $12 billion and GM lost $61 billion in the last 5 quarters. $39 billion of GM's loss was in 2007, a full year before the market crises.
Send a message to the Big 3: "You must change the way you conduct business. Your workers can no longer average $73 an hour when the average US worker is paid $28 an hour. US auto workers at Toyota, Honda and Nissan average $44 an hour. Create a budget that includes downsizing luxury items such as fleets of private jets, etc. in order to rebuild and become competitive in your market."
Tell the automakers to take the available route of Chapter 11 and reorganize, as bailouts will not help firms with bad business structure.
There is a chance that approving financial assistance to the auto industry will create a precedent for any industry or company that foresees financial hardships. It is not within our government structure to provide financial backing to corporations.
We call on you, the U.S. Congress to allow the marketplace to determine which companies will survive and which companies will be replaced, as the marketplace has done since the conception of our great nation.
Sincerely,
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