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TARP legislation!!!!

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J32driver

Strokin it...
Joined
Jan 14, 2004
Posts
716
Our airport's future and the nation's general aviation industry are in immediate danger!
On January 9, 2009, Rep. Barney Frank (D-4-MA), Chairman of the House Financial Services Committee, introduced a bill that if passed as proposed, will severely impact our airport and the entire general aviation industry. Specifically, the proposed bill to reform the "Troubled Assets Relief Program" (TARP) passed by Congress last year will require that businesses trying to recover in the current economic climate must divest all private aircraft and aircraft leases.
Nationally, enactment of this provision will put tens of thousands of aviation-related jobs at risk by devastating the small businesses that fuel and service general aviation aircraft and further harm the manufacturers who are already laying off workers and slowing assembly lines. It will also take a valuable tool away from companies that need general aviation aircraft to operate to and from the thousands of U.S. communities that have little or no scheduled airline service.
Locally, the effect will be devastating on our airport and to the other airports in the region. Many of our aviation businesses will be forced out of business and will vacate their facilities due to disappearing demand for their services. Airport revenues will be drastically reduced forcing us to reduce our workforce and cut services. Even after service and workforce cuts, airports will operate at a deficit and will be forced to increase rates and fees creating a death spiral of increased costs and decreased demand.
The aviation industry understands the importance of providing strong assurances that federal funds are being used wisely to protect jobs and rescue troubled assets. But Congress must craft the legislation so that it doesn’t harm the entire aviation industry and remove valuable aviation assets that serve as vital business tools. Because general aviation is widely recognized as an important economic development tool, Congress should be acting to support this economic sector. We can easily achieve accountability in the disbursement of TARP funds without needlessly penalizing this vital lifeline to rural America.
Please take immediate action to urge Congress in the strongest possible terms to eliminate the general aviation requirement from the TARP language.
 
i think this part,

"businesses trying to recover in the current economic climate must divest all private aircraft and aircraft leases"

only applies if the struggling company is looking for help such as the abused bailout, ch11, ch13, etc.
 
Not so. A local very large back that is very financially stable had TARPS funds more or less forced on them is not in the fight for their life thanks to Mr. Frank.
 
I have contacted my congressmen and representative. I hope they understand that this is effecting true middle class families. It will hurt everyone in the industry from the guys that fuel the planes to the ones that fly them.

Since there is such a huge gov't deficit, I think that they (Pelosi, Reed, Frank,) give up their pvt aircraft and fly with the rest of the common folk!!
 
[FONT=&quot]Dear NBAA Member Representatives, [/FONT]
[FONT=&quot]As you know, the business aviation community has been challenged from a number of corners in recent weeks. Last Friday, NBAA notified Member companies of an alarming provision included in a House proposal to amend the Troubled Asset Relief Program (TARP) that would require all businesses receiving TARP funds to immediately divest of business aircraft. The proposal had the potential to severely harm businesses trying to navigate the unforgiving economic climate, and fuel job losses for countless people in the general aviation community. [/FONT]

[FONT=&quot]NBAA is pleased to report that earlier this afternoon, this harmful provision was removed from the House proposal. The House may approve the final version of the bill as early as tomorrow. [/FONT]

[FONT=&quot]Clearly, this is an issue where the business aviation community effectively made its voice heard and its concerns known to elected officials. NBAA has long said that efforts by the Association in Washington are most effective if its Members also reach out to Congress. Using NBAA's Contact Congress resource, Association Members explained to their elected officials the value of business aviation as a mode of transportation, the numerous jobs associated with it and the critical role it plays in communities across the U.S.[/FONT]

[FONT=&quot]My thanks to all those in NBAA's Membership who used Contact Congress to send Congress an unequivocal message of opposition to the TARP proposal. The messages to Congress, which were sent from all across the country, provided a single, unified voice on an issue we knew was of critical importance to our industry, especially in these challenging economic times. Today's outcome demonstrates that when we make our concerns known to our elected representatives, we can help shape a positive agenda for the business aviation community. [/FONT]

[FONT=&quot]Sincerely,


Ed Bolen
President and CEO
National Business Aviation Association[/FONT]
 
Bush, DeLay, Frist/Lott, McConnell (the most ugly man I've ever seen) spent years blank checking us into this situation, and it's going to continue (Corp Av jet sales) even when Obama starts to clean up this mess. These companies have smart people work for them, and they saw this coming in the event of an economic downturn; they just assumed the economy could never get to where it is today. These companies did not prepare, so now, the flight departments with their high value assets that can be liquid quickly, are paying for it. It sux, but it is what it is.
 
Bush, DeLay, Frist/Lott, McConnell (the most ugly man I've ever seen) spent years blank checking us into this situation...

I'm not sure letting the Federal Government dictate how a company should run its business is a good idea no matter who started it... And there is plenty of blame to go around among BOTH parties...
 
Bush, DeLay, Frist/Lott, McConnell (the most ugly man I've ever seen) spent years blank checking us into this situation, and it's going to continue (Corp Av jet sales) even when Obama starts to clean up this mess. These companies have smart people work for them, and they saw this coming in the event of an economic downturn; they just assumed the economy could never get to where it is today. These companies did not prepare, so now, the flight departments with their high value assets that can be liquid quickly, are paying for it. It sux, but it is what it is.

I think the post right after this one said exactly what I was going to say. The government should not be in the buisness of "Bailing" ANYONE out. The markets should dictate winners and losers. As for Bush Blank checking anything, I believe it was the Bush administration that warned, Barney Frank and the banking committee, of the dangers of extending credit to people just because it seemed the fair thing to do. Now look where we are.. I don't think the White House did enough to prevent all the bad loans. If Bush HAD prevented Fannie and Freddie, he would have been demonized further, if that is possable.
 

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