Obviously you’ve seen the stories (and blogs) about the Big Three wanting an epic “not-bailout” to save an industry fueled by capitalism, that wants to remain capitalistic, despite their lack of capital.

The issue is so divisive that America is split down the middle:

45 percent of Americans favor giving federal assistance to the three companies, while 44 percent disapprove
-AHN 16 December 2008

How the car companies read those survey results: “Now there’s an opportunity, half the people want to give us a blank check.”

Of course that’s not how they read it, what they really saw was an opportunity to get a blank check by asking 45% of Americans to write Congress asking for the money.

Wait, maybe they did read it correctly.

General Motors sent a letter out to everyone on their e-mail list, asking them to “join [GM] to let Congress know that a bridge loan… helps strengthen the U.S. economy and preserve millions of American jobs.” (If you purchased a GM vehicle in the last few years or have OnStar, you probably received this correspondence). Here’s the full note from General Motors:

Dear Seth Keever,

You made the right choice when you put your confidence in General Motors, and we appreciate your past support. I want to assure you that we are making our best vehicles ever, and we have exciting plans for the future. But we need your help now. Simply put, we need you to join us to let Congress know that a bridge loan to help U.S. automakers also helps strengthen the U.S. economy and preserve millions of American jobs.

Despite what you may be hearing, we are not asking Congress for a bailout but rather a loan that will be repaid.

The U.S. economy is at a crossroads due to the worldwide credit crisis, and all Americans are feeling the effects of the worst economic downturn in 75 years. Despite our successful efforts to restructure, reduce costs and enhance liquidity, U.S. auto sales rely on access to credit, which is all but frozen through traditional channels.

The consequences of the domestic auto industry collapsing would far exceed the $25 billion loan needed to bridge the current crisis. According to a recent study by the Center for Automotive Research:

• One in 10 American jobs depends on U.S. automakers
• Nearly 3 million jobs are at immediate risk
• U.S. personal income could be reduced by $150 billion
• The tax revenue lost over 3 years would be more than $156 billion

Discussions are now underway in Washington, D.C., concerning loans to support U.S. carmakers. I am asking for your support in this vital effort by contacting your state representatives.

Please take a few minutes to go to www.gmfactsandfiction.com, where we have made it easy for you to contact your U.S. senators and representatives. Just click on the “I’m a Concerned American” link under the “Mobilize Now” section, and enter your name and ZIP code to send a personalized e-mail stating your support for the U.S. automotive industry.

Let me assure you that General Motors has made dramatic improvements over the last 10 years. In fact, we are leading the industry with award-winning vehicles like the Chevrolet Malibu, Cadillac CTS, Buick Enclave, Pontiac G8, GMC Acadia, Chevy Tahoe Hybrid, Saturn AURA and more. We offer 18 models with an EPA estimated 30 MPG highway or better — more than Toyota or Honda. GM has 6 hybrids in market and 3 more by mid-2009. GM has closed the quality gap with the imports, and today we are putting our best quality vehicles on the road.

Please share this information with friends and family using the link on the site.

Thank you for helping keep our economy viable.

Sincerely,

Troy Clarke

Interesting. I didn’t go to the website, but not because I’m against the bailout. I’m not leaning one way or the other on this bailout issue. I’m still stuck on the first bailout and the debate about capitalism and free markets, and how we own all these banks now!