THE BIG THREE AND LOCAL DEALERSHIPS

LOCAL BIG THREE (3) DEALERSHIPS (FORD MOTOR COMPANY, GENERAL MOTORS CORPORATION, AND CHRYSLER CORPORATION) IN CONNECTICUT WERE UPSET BY WHAT LEADERS OF THE UNITED STATES SENATE SAID ON WEDNESDAY, NOVEMBER 19, 2008.

THE SENATORS AFTER TALKING TO THE CHIEF EXECUTIVES OF THE BIG THREE (3) UNITED STATES AUTOMAKERS SAID, THEY WERE REJECTING THE TWENTY FIVE BILLION DOLLAR ($25,000,000,000.00) BAILOUT. THE SENATORS SAID THEY WANTED THE CHIEF OPERATING OFFICERS TO COME BACK TO THE UNITED STATES SENATE IN EARLY DECEMBER WITH A PLAN ON EXACTLY HOW THE MONEY WOULD BE SPENT. THE SENATORS WANTED TO MAKE SURE THAT THE MONEY WOULD KEEP THE BIG THREE AUTOMAKERS OUT OF BANKRUPTCY. SENATOR DODD, OF CONNECTICUT SAID, "I'M NOT GOING TO WRITE A CHECK FOR $25 BILLION, NO QUESTIONS ASKED."

SENATOR CHRISTOPHER DODD, OF CONNECTICUT SAID HE WOULD MEET TODAY WITH MEMBERS OF CAR DEALERSHIPS, AUTO SUPPLIERS AND LABOR REPRESENTATIVES IN HIS OFFICE IN HARTFORD, CONNECTICUT. SENATOR DODD IS THE CHAIRMAN OF THE SENATE COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS WHICH CONDUCTED THE SENATE HEARINGS ON TUESDAY AND WEDNESDAY.

DODD INDICATED THAT THE TESTIMONY BY THE BIG THREE LEADERS LACKED "ACKNOWLEDGEMENT" OF THE FAULTS AND MISTAKES THAT THE EXECUTIVES HAD MADE, AS WELL AS THE CREDIT CRISIS. DODD SAID, THE BIG THREE HAVE A "GOOD PRODUCT HEADING IN THE RIGHT DIRECTION." HE ALSO SAID,"THESE COMPANIES ARE BURNING THROUGH CASH ON A STAGGERING BASIS."

GARY WIDIT, OWNER OF PLAZA FORD, EAST LYME SAID, "IF THEY DON'T BAIL OUT THESE MANUFACTURERS, FIRST OF ALL, WHO'S GOING TO BUY A CAR FROM A BANKRUPT COMPANY? WHAT HAPPENS TO YOUR WARRANT? THAT'S GOING TO KILL US."

AUTO DEALERS LOCALLY SAY THEY ARE REMAINING PROFITABLE BECAUSE OF LOYAL CUSTOMERS STILL BUYING CARS. IT IS ESTIMATED THAT NEW CAR SALES NATIONWIDE ARE DOWN ABOUT FORTY (40%) PERCENT.

PHIL FRANCHINI, GENERAL MANAGER OF FALVEY'S CHRYSLER JEEP SAID, " WE'RE BUYING WHAT WE HAVE TO BUY. WE'RE SPENDING WHAT WE HAVE TO SPEND." HE SEEMS TO FEEL THAT WASHINGTON NEEDS TO DO SOMETHING EVENTUALLY. HE SAID, "I JUST THINK THE COUNTRY HAS TOO MUCH TO LOSE."

ALTHOUGH THE SENATORS REALIZE THAT THE BIG THREE NEED HELP, THEY DON'T WANT TO GIVE THEM $25 BILLION AND THEN HAVE TO GIVE THEM MORE MONEY AT A LATER DATE. THEY BELIEVE THAT THERE ARE SUPPOSEDLY ONE IN TEN WORKERS IN THE COUNTRY, THAT ARE ASSOCIATED WITH THE AUTOMOTIVE INDUSTRY.

EDITORIAL FOOTNOTE: DODD AFTER HIS MEETING ON FRIDAY INDICATED HE WILL DO WHAT HE HAS TO DO TO SAVE THE AMERICAN AUTOMAKERS. HE SAID THEIR DEMISE WOULD NOT HAPPEN ON HIS WATCH.