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Time to get ‘mad as hell’

Having trouble keeping track of the trillions supposedly flowing from Washington to “help” us? Me, too. Why there’s TARP I and TARP II, the huge Stimulus package, the giant Budget, the grand Porkulus appropriation bill and who knows what else. And, now, along comes TALF! (I think I hear Abba singing “Feel the beat of the tambourine.”)

Well, here’s one fact I can grasp. Unlike the auto, RV, motorcycle and lots of other industries, we in boating have been ignored in most of these bills and, to steal a line from a movie: “I’m mad as hell and I’m not gonna to take this anymore!” I want you to join me.

Specifically, I’m referring to TALF (Term Asset-Backed Securities Lending Facility). In a nutshell, seven days ago the Treasury Department and the Federal Reserve Bank of New York announced TALF, a consumer and business lending initiative. It’s supposed to provide financing to investors to support their purchases of certain AAA-rated asset-backed securities (ABS).

In the first round of TALF, the Federal Reserve Bank of New York will lend up to $200 billion to eligible owners of certain AAA-rated asset-backed securities (ABS) for auto loans, credit card loans, student loans, and SBA-guaranteed small business loans. In this round, TALF will also apply to AAA-rated auto dealer floorplan loans. (Yes, once again, boating gets screwed. Ah, but wait — we’re mad as hell and we’re not gonna take it anymore, remember? So, let’s act.)

 There’s a second round of funding coming and the Federal Reserve Bank of New York and U.S. Treasury have indicated additional items will be added to the list. For example, they are actively considering AAA-rated asset-backed securities (ABS) backed by non-auto floorplan loans. Bingo! That could be us.

However, just as we did before (remember the ‘Clean Boating Act’) we need to make some noise. Right now, our members of Congress, the U.S. Treasury and the Federal Reserve Bank of New York need to hear from us urging inclusion of marine floorplan financing loans backed by ABS into TALF.

Failure to include marine dealer/floorplan loans, and any consumer credit assistance for the marine industry, in TALF would be inequitable and worsen an increasingly fragile financial market required for basic business operation in the U.S. marine sector.

Once again, NMMA is taking the lead in calling for action by all industry members, manufacturers, retailers, suppliers and marine trade associations to actively push for marine floorplan loans into TALF. NMMA, under the leadership of Legislative Director Matt Dunn, has set up an easy way for everyone to get this done. Simply go to www.NMMA.org and click on the Action Alert button. There, in just a few minutes, you and all your employees can send the right messages to your Senators and Congress person.

We know floorplan financing is problem No. 1 for us right now so, please, get mad as hell and do your part today.

Comments

9 comments on “Time to get ‘mad as hell’

  1. CarlM

    Good luck.
    As you may have noticed when you say boat to the folks in Washington they hear Yacht.
    Yacht equals those at the top 2%. THE ENEMY. Motorcycles equal HDs or scooters driven by blue collar voters & the young, RV’s equal trailers & the participants agian are BC & less well off than the top 2% or else they would fly to where ever they go & stay in hotels or motels, Utility trailers/horse trailers,etc are used by small companies & farmers, Farm Impliments: well they are used by farmers, no one in top 2% buys them do they? None of the above are any where near acurate but just how the Congress & now in the new administration of “Change” seem to view and pigeon hole groups & industries.
    We are all look upon as “The Hathaways” when truth be known we are a bunch of “Gilligans” & yes we are stuck on an Island pretty much alone like Tom Hanks. Don’t know about you but I’m building a raft.

  2. Lisa RL

    Amen, Gilligan.
    The only “bail-out” us small boat dealers are going to see is us scooping water from our sinking life rafts.
    Change you can believe in? No thanks!

  3. Larry Rains

    Great post and great comments. The point is clear that as an industry we need to be loud and persistent.

  4. Bill

    I’m confused… “Having trouble keeping track of the trillions supposedly flowing from Washington to “help” us? Me, too. Why there’s TARP I and TARP II, the huge Stimulus package, the giant Budget, the grand Porkulus appropriation bill and who knows what else. And, now, along comes TALF! (I think I hear Abba singing “Feel the beat of the tambourine.”)”… sounds like you mean none of this is any good and yet by the end of the article you also have your hand out for some government assistance. Why not go to your friendly bank for assistance?

  5. dave boso

    Well guys I have my three stooges on my quick dial fax. by the way fax them, it takes weeks for them to get mail since it has to clear security in the DC area. I didn’t use the NMMA form I made my own, And since these guys work for me I call them by their first names, they are no better than me. It will take a bunch of letters and a pile of calls to get this done I intend to refax the same message 3 times a week.

  6. Gordy McKelvey

    I have to agree with Carl. I think asking for our share of the “pie” will fall on deaf, uncaring ears and in our case perception is reality (Yachts), even though we know better. I’m more concerned with increased use fees, jacked up taxes (becuase we are a luxuary business), restricted use regulations, enviromental regulations and lack of acess to our water ways. Until Bobby Boat Buyer feels more secure in his/her job and other financial and business indicators start to move in the positive, I don’t think it would make much difference how much money was thrown at the marine industry. People ain’t buying right now and that’s a fact. If our industry can work our way out of this without a “guv ment” handout; as an industry we’ll be better off. Then maybe the “inmates” or uh our Congressmen and women will take us seriously the next time they want to pile on a bunch of taxes to beat up on the “rich guys”.

  7. Arch

    I bet we could get the $ if we made boats more expensive for the rich and less expensive for the poor. Or if we promised the money would go to increasing minority boat ownership.
    Or, if we agreed to a 50% minority employment quota industry wide. And that future jobs DO NOT go to those who are most qualified, but to those most in need of a job.

    If you think I’m far fetched or off base here, I suggest you look a little further into our president’s first 50 days. It’s happening. It’s no longer a joke.

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