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Auto Bailout Makes No Sense

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The Tampa Tribune

Published: November 22, 2008

The National Federation of Independent Business maintains that over one-half of our GDP comes from small business, yet the government and the public have little sympathy for all of the mom-and-pop companies that routinely fail due to their inability to be profitable. Conversely, the thought of a giant, inefficient and unprofitable corporation or industry going bankrupt is more than our government can bear.

As a free enterprise economy, with 300 million citizens who require the services of banks and a need for automobiles, does anyone seriously believe that the failure of such companies will not bring about the creation of better and more efficient replacements? Certainly the failure of Ford, GM or Chrysler, if not all three would be catastrophic, but then again so was hurricane Katrina.

Our country has survived a civil war, a depression and two world wars by meeting adversity head on and dealing with the consequences. Continued investment of funds we don't have simply to forestall the inevitable failure of companies that cannot cost-effectively compete with their worldwide competitors doesn't make sense.

Our economic strength and stability can only be sustained by world-class companies not by antiquated, government-sponsored "has beens" that the majority of our own consumers don't even care to do business with.

STEVE HEMINGWAY

Tampa

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