Nov 20, 2008 11:53 pm US/Eastern
Lauderhill Auto Dealer Makes His Case For Bailout
LAUDERHILL (CBS4) ―
The owner of Monarch Dodge says his business is off 50 percent. People can't get credit and cars don't get sold. From Lauderhill to Washington the question is do carmakers deserve our tax dollars?
The cars are shiny at Monarch Dodge, but soon they could be gathering dust. The cars aren't selling because people aren't buying. Automakers are begging for a bailout but Congressional leaders say not so fast.
"The auto industry should not get a blank check," said Senator Kit Bond. "That's why we've crafted a bill to save jobs, protect taxpayers and have tough requirements for getting the industry back on its feet."
Mark Hodos owns Monarch Dodge. He agrees a bailout needs to be long on specifics.
"There's been some incompetence on everybody's side, but I don't think you punish 4-5-6 million workers and families because of a few people's mistakes," said Hodos.
He says it's not just the carmakers and dealers who will suffer--it's the manufacturers, the paint suppliers, the tire makers.
But Congressional leaders made it clear they will not let a bailout of the auto industry be "rammed" down their throats. They want the big three-- Ford, GM and Chrysler -- to submit plans on why they need a bailout and how the money would be spent. Democrats on Capitol Hill say the leaders of the big three showing up on private jets at congressional hearings sets a bad example.
And many Americans have sticker shock on the taxpayer bailout of another industry, but Hodos says the auto industry is crucial to the nation's economy.
"Once it collapses and once it's gone, you can't put it back together. It's like a house of cards. You might not realize how bad it is until it's over and then it's too late."
Hodos wants the public to remember the government's bailout of Chrysler in the early 80's. The company survived and paid back what it borrowed. He says the government needs to do that again.
Automakers will be back on Capitol Hill December 2nd with their plan.
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