Local car dealer lobbies Congress for auto aid
Bridgeton auto dealer Vince Capatosta is joining the Detroit Three leaders and dozens of U.S. dealers in Washington, D.C. today to persuade lawmakers that the auto industry needs federal help.
Capatosta, who owns All-Star Dodge Chrysler Jeep, said he’s meeting with Sen. Christopher “Kit” Bond, Sen. Claire McCaskill and Rep. William Lacy Clay individually this afternoon to lobby for $25 billion in federal aid. That money, the automakers say, will help them survive high costs and slow sales.
“It’s not a bailout,” Capatosta said from Washington. “It’s not a gift. It’s a loan.”
Capatosta said he wants the Missouri lawmakers to “be informed and know that this is far more-reaching than the Big Three. It trickles down to all of their constituents.”
The automakers’ financial problems create a ripple effect on assembly plants and workers but also on suppliers, their workers and the local communities, he said.
After meeting with the Missouri lawmakers, Capatosta said, he will be at the the Senate Banking Committee hearing this afternoon. Executives of General Motors Corp., Ford Motor Co. and Chrysler LLC, as well as the leader of the United Auto Workers, will testify on the need for the money.
I keep going back and forth on this one.
I first think this is America you sink or swim, then I think of the 3 million plus jobs that go down the drain, how do you replace that many jobs?
Then I think file bankruptcy but how does a company with no cash go through bankruptcy and keep the doors open.
What happens to car prices if these three go under? We will have much less competition and choice and what about the millions who own cars made by the big three, what happens to warranties, repairs etc. etc. etc.
I do believe before any federal aid/loan is given the unions need to be part of the negotiations with the gov’t, in order to save the millions of jobs they will have to flexible and give a little of their wages and or benefits to make the deal work.
The big three should also agree to bring jobs back to this counrty for example bring the Chrysler mini van production back from Canada.
If the UAW doesn’t make concessions like it did in 1980 with Chrysler:
No bend, no lend.
And to you car dealers who think manufacturers need all the attention - if we taxpayers see our taxes go up for these bailouts, you won’t see us in the showroom.
Who should make the concessions? A CEO sat at the table and told the committee that he should be earning $25 million a year. The CEOs are not willing to even fly on a commercial flights to DC to attend these hearings. The Executives and Board members of all three should be immediately terminated or ousted and replaced with people willing to save these companies. Congress should immediately pass a law outlawing all golden parachutes or tax the recepient at 95% so that this rich boy’s club is dismantled. The Greed of 1% brought down our economy. Too bad we didn’t have a President at the helm who was willing to protect Americans from his drinking buddies!