Dear Friend,

November and December have been busy months, and I want to update you on some of our work in the Lieutenant Governor’s office. Our first obligation is to make sure that state government is doing all it can to protect folks during these tough economic times. From helping families facing foreclosure, to bridge loans for our domestic auto industry, to maintaining lending capacity for Michigan citizens and businesses, we are working to protect Michiganders.

I am convinced that Michigan’s best days are yet to come, but change won't happen overnight. Even as we work to transform Michigan's economy and create new jobs I will continue to do all I can to protect Michigan citizens who are being affected by our nation's economic upheaval.

Standing up for the domestic auto industry

"We are witnessing Congressional unraveling of the American Dream and the demolition of the very foundation of our national security. A few beltway insiders who are completely out of touch with the struggles of American families decided to settle old political scores at the expense of millions of jobs and our national economic security. While bankers get the keys to the Treasury our manufacturers get a one-way ticket to bankruptcy and American families are left unprotected." - Lt. Governor John Cherry after failure of bridge loans in the U.S. Senate, 12/12/2008.

While Congress held hearings on an auto company bridge loans, I met with citizens at Flint's Luigi's Pizza to hear how the economic crisis has affected them, their families and businesses. You can watch video here, or read about it in the Flint Journal. While so much of the news today is about the challenges faced by the Big Three, the human element to this economic crisis is often overlooked in the discussion of bank bailouts and bridge loans. I heard from a server at Luigi's Pizza about how much business has dropped off during the lunch hour from a college student and part-time retail salesperson about consumer cutbacks in holiday spending and from business owners about their struggles to prevent holiday-season layoffs of long-term employees. My conversation with Flint residents was yet another reminder of why it is crucial to support our fellow citizens in this time of need.

"What has been lost ... is the true face of the crisis that is affecting the country ... The government is just now saying we're in a recession. We've known that in this city for four or five years now." - from "Lt. Governor Cherry hears tales from Flint-area people on how auto woes have affected local economy", Flint Journal, 12/5/2008.

Though some, like Mitt Romney, support bankruptcy for the Big Three, we know this would only cripple our economy and punish working families. You can read my letter in the New York Times about why it’s time to work cooperatively on a solution that invests in security for American workers. Governor Granholm is also advocating nationally for auto company bridge loans, meeting with our Congressional delegation and defending Michigan on national news. You can watch videos of the Governor’s television interviews supporting the domestic auto industry and its workers on YouTube. From home builders to restaurant staff to automakers, Michiganders are feeling pinched right now by the economic crisis and it is critical – especially during the Holidays -- that we all focus on doing whatever we can to help our fellow citizens who are struggling during extremely hard times. In the wake of the U.S. Senate’s failure to provide bridge loans to the auto industry, we are pleased that the White House is using its existing authority to provide assistance to our automakers. Watch my press conference with Governor Granholm here on the state of the auto industry, and tell your friends and family why supporting the auto industry is so important.

Fighting for families facing hard times

The Governor and I are committed to ensuring that the dream of homeownership remains available to as many families as possible during these difficult times. In conjunction with the Michigan State Housing and Development Authority (MSHDA), we’ve worked to save the dream of homeownership for Michigan families. Those who are facing foreclosure or struggling with mortgage issues can now access the toll-free, Save the Dream hotline and get assistance from a counselor in their county to learn about foreclosure prevention and mortgage options. Homeowners who need assistance can call 1-866-946-7432.

Additionally, MSHDA recently received more than $3 million for foreclosure counseling and legal assistance from the federal government. For more information visit www.michigan.gov/mshda/.

Recently we launched a program, Keep Michigan Working, to bring resources for job-seekers together in one place, along with more than 40,000 listings for jobs. You can visit the site at www.michigan.gov/jobs. From finding out where to find job training opportunities near you to information on personal finances, we’ve worked to make this site your one-stop shop for Michigan job information. Keep checking website as we add more job listings and information.

Helping Michigan citizens and businesses to continue investing in our economy

Because of decreased access to credit for Michigan citizens and businesses, we created the Michigan CD Stimulus Program (MICD) so we can continue diversifying Michigan’s economy, creating jobs, and increasing capital available for investment. Through the MICD Program, the state of Michigan is providing $150 million of additional capital in the form of 6 and 12 month CD’s so banks and credit unions can provide economic stimulus to their communities through loans to Michigan businesses and consumers.

Follow me on Twitter

Twitter is an online communication tool similar to Instant Messaging where you can keep in touch with people and issues, ask questions or provide your comments. It's fast, free, and easy to use. Join this conversation by signing up for an account and visiting www.twitter.com/johncherry. Send me your comments on Twitter!

As we continue working to move Michigan forward, I encourage you to send me your suggestions or feedback. E-mail me at ltgovcherry@michigan.gov, text me at Twitter, and join my friends on Facebook. I look forward to hearing from you soon.

Thanks for your support and Happy Holidays!

John Cherry
Lt. Governor