Dear President Bush and President - Elect Obama,
In light of the recent events with our economy and the millions of dollars our government is giving to failed Wall Street companies and the proposed additional millions of dollars to be given to other failing banks and companies, I would like to let you know my thoughts as an American and as a citizen of this great country.
First, as a free market society, it is the responsibility of the big companies to effectively and properly manage their budgets in an effort to remain in business. This means that a company must use it's financial resources wisely so that it can meet its financial obligations, and ultimately make a profit and stay in business. But, somehow, the companies that are needing financial assistance from our government have failed to meet this basic standard of operation. I believe a first year MBA graduate student would recognize when revenue was less than expenses and perhaps even take steps to either shore up revenue or simply reduce expenses to stay a float and in business. Yet, despite their rich salaries, the leadership of some of these financial institutions are unable to manage their books and stay a float. While I can understand that they made bad business decisions that are now impacting Americans, I don't understand why we (the taxpayer) should burden the poor business decisions of these organizations.
I believe we live in a free market society - this means that when one organization fails, another will rise in it's place and perhaps do a better job managing their financial affairs, stay in business and they may even offer a product that would be superior to the failed company. Yet - the government is preventing this failure with millions of dollars from taxpayers. I certainly understand the argument that if we allow these organizations to fail, it could ripple across the world and cause the entire world to fall into a deep recession. Wow - a global economy has some real bad drawbacks I guess!
Here I sit as a single, simple American man raising my family, paying my bills (at least most of them), sending my daughter to college, making my mortgage payment every month and working off my butt to have enough money to buy groceries. Yes gentleman, I am probably like a lot of Americans that go to work each day and try to make ends meet. Sometimes they do and if they don't, my family and I cut back until we have enough money to buy what we need and sometimes - what we want.
I was originally going to ask for a personal bailout for me, but, I am a bigger person that this. I work and do what I think is right. I will not be a victim or dependent on my government to support me. Nope - no bailout for me. I would suggest that before anymore money is sent to failing companies that you consider the plight of simple Americans like me and how hard we work to support the government's infrastructure. Don't just give our money away!
Thank you for taking the time to read the words of a simple American man. I really do appreciate the job you have and I know and pray that you (both of you) will do the right thing.
A Simple American Man