Top Republicans Call for GM to Declare Bankruptcy

Discussion in 'Congress' started by WillowTree, Mar 8, 2009.

  1. WillowTree
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    WillowTree Diamond Member

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    General Motors should hand over the factory keys to a bankruptcy court, two top Republicans said Sunday.

    Sen. John McCain, R-Ariz., said the best thing for the ailing automaker to do would be to go into Chapter 11 to reorganize some of its business agreements and come out stronger than before.

    "I think the best thing that could probably happen to General Motors, in my view, is they go into Chapter 11, they reorganize, they renegotiate ... the union-management contracts and come out of it a stronger, better, leaner, more competitive automotive industry," McCain told "FOX News Sunday."

    House Republican leader John Boehner said the nation's largest auto company must demonstrate a viable and long-term business plan if it wants more federal money.


    Top Republicans Call for GM to Declare Bankruptcy - Presidential Politics | Political News - FOXNews.com






    finally! :clap2:
     
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  2. Xenophon
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    Xenophon Gone and forgotten

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    This should have been done instead of handing them taxpayer dollars.
     
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  3. Zoom-boing
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    Zoom-boing Gold Member

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    'Bout freaking time.
     
  4. Ravi
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    Ravi Diamond Member

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    Wait, I thought we didn't want government to tell business what to do.:confused:
     
  5. editec
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    editec Mr. Forgot-it-All

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    Just what we need...more layoffs.
     
  6. WillowTree
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    WillowTree Diamond Member

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    re-structring is key!
     
  7. jillian
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    jillian Princess Supporting Member

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    they only like government when it says what THEY want it to...

    not that they weren't wrong for eight years or anything...
     
  8. toomuchtime_
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    toomuchtime_ Gold Member

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    Bankruptcy needn't mean the end of GM. If GM can use the bankruptcy court to renegotiate its debt and union contracts and obligations, it can emerge as a leaner, stronger, more competitive company. The suggestion that people will stop buying GM cars while it is in bankruptcy can be handled by the government offering to guarantee warranties and the availability of spare parts and expressing confidence that restructuring in bankruptcy court is a good thing for the industry. On the other hand, a credible threat of going into bankruptcy might be sufficient to get reluctant unions and creditors to allow this restructuring without going to court.

    It is disappointing, however, that Obama has put Axelrod and Emanuel, two political advisors with no business background, in charge of the auto industry rescue issue.
     
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  9. WillowTree
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    WillowTree Diamond Member

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    we don't,, let them solve their own problems. and conversely if GM dosen't want governments advice then don't try to suck money out of us.. ya know how when you always go to yer mama and ask for money she starts right back in treating you like a child?? :lol:
     
  10. Ravi
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    Ravi Diamond Member

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    I wouldn't know, my mother is in no position to give me money.

    Perhaps you should change your thread title. The way it is written is that Republicans are trying to tell business what to do.
     

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