Top Republicans Call for GM to Declare Bankruptcy

[Chris]

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!

I certainly agree with McCain on this one.

 

[theunbubba]

I'm still holding out for the millinery/haberdashery bailout.

Give them a few billion every month and they can make a comeback too.

Don't forget the buggy whip manufacturers.

 

[manu1959]

if you had a friend that continually mismanaged their financial affairs and was constantly asking for help.....

at what point would you cut them off.....

would you borrow from your other friends to contunie to help this person....

Bush isn't president any more...but good point.

obama has borrowed 2 trill in less than a month......the coke habit is brutal....

 

[oreo]

This should have been done instead of handing them taxpayer dollars.

DITTO--We should have never handed them over money in the first place.

It's like the Titianic sunk & the federal government showed up to throw out life jackets. There was absolutely no way for GM to stay afloat no matter how much money we throw at them. We are just prolonging the inevitable. Throwing good money after bad.

 

[editec]

That's always an option, of course.

Clearly the managment needs to be cleaned out.

 

[jeffrockit]

Republicans need to shut up, they had their chance and failed. Losers telling others what to do is a bit much. If we can bail out financial industries that rob and steal and send money to foreign places, we can surely bailout an American institution that many Americans rely on for their livelihood. And please change 'top' to loser. thanks

7 myths about Detroit automakers | Freep.com | Detroit Free Press

Yeah it's kind of like a tax cheat telling us about tax increases being the right thing.

 

[jeffrockit]

The problem with the business model of the auto makers is...vehicles last longer than they used to.

When I bought my 1st car 20 years ago, no one expect a car to last. Very few consumers would buy a used vehicle with more than 50,000 miles on it because in those days you were lucky to get 100,000 miles out of one. Today 150,000 miles and up is commonplace. My F-150 has 200,000 miles and I expect to get another 50K out of it if I'm careful.

Also, many vehicle designs haven't change remarkably in the last 10+ years. In my teens I could name vehicle models on the darkest night by the shape, spacing and configuration of their headlights or tail lights. Today I can hardly tell one from another at high noon.

So why would anyone buy a new car or truck when there old one is still in style and going strong?

Feel the need to blame something for the downfall of the auto industry? How about CAFE fuel mileage standards, environmentalist and oil prices (there are only so many designs for an econobox), Japanese competition that shook up the market by making longer lasting vehicles, high steel prices, big corporation bureaucracy, short sighted management and soaring labor costs.

The Corporations did this on purpose, don't you think? Remember, older cars could be fixed and worked on and could last 20 years. My grandma had a Granada. LOL

Back when the cars were made of steele, you could work on them yourself. Today, they are computerized.

Chris Rock said it best. They can send a man to the moon but can't make a bumper for a cadillac that won't rust?

So they want it to break down, so you buy another car.

They even made leases so you could buy a new car every 3 years, nothing down. This plan can not last forever, because we don't have infinate natural resources.

The Big 3 need to make cars that last longer. I believe they are doing it.

But at the same time, they want to break the unions. That's what all this is all about. That and bleeding the treasury dry. The bankers got $750 bill and the Big 3 got $10 bill and they will STILL go bankrupt and renig on pensions? They promised!!!!

I love the unions being broken...I LOVE IT!

 

[Old Rocks]

A cost-cutting deal between General Motors of Canada and the Canadian Auto Workers doesn't go nearly far enough, industry observers say.

Union president Ken Lewenza said the accord preserves Canada's "investment advantage" over U.S. factories of the Detroit Three automakers and will be the pattern for imminent talks with Chrysler and Ford.


Dennis DesRosiers, an independent industry analyst, said General Motors is still avoiding tough decisions, as it has for decades: "It's a wet noodle of an agreement."

GM workers would also for the first time make payments toward their own health benefits -- $30 a month per worker family

ain't that pitiful?



GM-CAW deal to cut benefits isn't nearly enough: analysts

Chapter 11 anyone? Truth to tell, we're going to see many Chap. 11's soon, then the real shit will hit the fan, no bailouts on that one. Obama's mess is just stalling the inevitable. Then it will hit, with the added debt. Hello banana republicville.

Ol' George left a hell of a legacy.

 

[DiveCon]

The problem with the business model of the auto makers is...vehicles last longer than they used to.

When I bought my 1st car 20 years ago, no one expect a car to last. Very few consumers would buy a used vehicle with more than 50,000 miles on it because in those days you were lucky to get 100,000 miles out of one. Today 150,000 miles and up is commonplace. My F-150 has 200,000 miles and I expect to get another 50K out of it if I'm careful.

Also, many vehicle designs haven't change remarkably in the last 10+ years. In my teens I could name vehicle models on the darkest night by the shape, spacing and configuration of their headlights or tail lights. Today I can hardly tell one from another at high noon.

So why would anyone buy a new car or truck when there old one is still in style and going strong?

Feel the need to blame something for the downfall of the auto industry? How about CAFE fuel mileage standards, environmentalist and oil prices (there are only so many designs for an econobox), Japanese competition that shook up the market by making longer lasting vehicles, high steel prices, big corporation bureaucracy, short sighted management and soaring labor costs.

The Corporations did this on purpose, don't you think? Remember, older cars could be fixed and worked on and could last 20 years. My grandma had a Granada. LOL

Back when the cars were made of steele, you could work on them yourself. Today, they are computerized.

Chris Rock said it best. They can send a man to the moon but can't make a bumper for a cadillac that won't rust?

So they want it to break down, so you buy another car.

They even made leases so you could buy a new car every 3 years, nothing down. This plan can not last forever, because we don't have infinate natural resources.

The Big 3 need to make cars that last longer. I believe they are doing it.

But at the same time, they want to break the unions. That's what all this is all about. That and bleeding the treasury dry. The bankers got $750 bill and the Big 3 got $10 bill and they will STILL go bankrupt and renig on pensions? They promised!!!!

I love the unions being broken...I LOVE IT!

Obama will never let that happen

 

[oreo]

The Corporations did this on purpose, don't you think? Remember, older cars could be fixed and worked on and could last 20 years. My grandma had a Granada. LOL

Back when the cars were made of steele, you could work on them yourself. Today, they are computerized.

Chris Rock said it best. They can send a man to the moon but can't make a bumper for a cadillac that won't rust?

So they want it to break down, so you buy another car.

They even made leases so you could buy a new car every 3 years, nothing down. This plan can not last forever, because we don't have infinate natural resources.

The Big 3 need to make cars that last longer. I believe they are doing it.

But at the same time, they want to break the unions. That's what all this is all about. That and bleeding the treasury dry. The bankers got $750 bill and the Big 3 got $10 bill and they will STILL go bankrupt and renig on pensions? They promised!!!!

I love the unions being broken...I LOVE IT!

Obama will never let that happen

If this comes down to a battle between republicans & democrats in congress--it's the dems. that will lose popular opinion within the American public. Americans are sick & tired of all these bail-outs--& most understand that there is no helping GM--they have to be able to reorganize--& to do that they must go bankrupt. Union or no Union.

 

[oreo]

That's always an option, of course.

Clearly the managment needs to be cleaned out.

They need to completely restructure their business. Let's face it--when you have thousands of retiree's that still make 80% of their leaving salary--that spelled disaster years ago. It just caught up to them.

This is where the union just bankrupted the employer they worked for.

 

[toomuchtime_]

I love the unions being broken...I LOVE IT!

Obama will never let that happen

If this comes down to a battle between republicans & democrats in congress--it's the dems. that will lose popular opinion within the American public. Americans are sick & tired of all these bail-outs--& most understand that there is no helping GM--they have to be able to reorganize--& to do that they must go bankrupt. Union or no Union.

It's true that voters are solidly opposed to more taxpayer dollars going to save the auto industry or the banks, but on the other hand, the Democrats need union support, so Obama has no good choices to make here. It is telling that he put Axelrod and Emanuel, two political advisors with no business background, in charge of the auto issue.

 

[DiveCon]

A cost-cutting deal between General Motors of Canada and the Canadian Auto Workers doesn't go nearly far enough, industry observers say.

Union president Ken Lewenza said the accord preserves Canada's "investment advantage" over U.S. factories of the Detroit Three automakers and will be the pattern for imminent talks with Chrysler and Ford.


Dennis DesRosiers, an independent industry analyst, said General Motors is still avoiding tough decisions, as it has for decades: "It's a wet noodle of an agreement."


ain't that pitiful?



GM-CAW deal to cut benefits isn't nearly enough: analysts

Chapter 11 anyone? Truth to tell, we're going to see many Chap. 11's soon, then the real shit will hit the fan, no bailouts on that one. Obama's mess is just stalling the inevitable. Then it will hit, with the added debt. Hello banana republicville.

Ol' George left a hell of a legacy.

sorry, you cant blame the car makers trouble on bush
they made them all their own, with the unions help



but then, you're nothing but a partisan hack

 

[garyd]

Democrats - Killing the goose that lays the golden eggs and then wondering why there are no more golden eggs to be had.

 

[Chris]

American car makers won't be able to compete until we have a single payer healthcare system.

 

[DiveCon]

American car makers won't be able to compete until we have a single payer healthcare system.

what makes you think that?
do you think their only problem is healthcare costs?
if so, you are a bigger moron that everyone thinks you are

 

[DavidS]

Chapter 11 anyone? Truth to tell, we're going to see many Chap. 11's soon, then the real shit will hit the fan, no bailouts on that one. Obama's mess is just stalling the inevitable. Then it will hit, with the added debt. Hello banana republicville.

Ol' George left a hell of a legacy.

sorry, you cant blame the car makers trouble on bush
they made them all their own, with the unions help

but then, you're nothing but a partisan hack

I've got to agree with DiveCon on this. GM made their bed. Chrysler today is nothing more than a result from Daimler's mis-handling of it. Think of how many extra Crossfire's they could've sold if they would've offered a manual transmission. While Dodge was focused on putting a Hemi engine in every single one of their vehicles Ford and Toyota were building hybrids. Chrysler deserves to fail. Sell the Jeep brand to some private company and allow Dodge and Chrysler to go under. Tell GM to cut half of its brands including GMC, Saturn and Hummer. Just have Chevy, Pontiac and Cadillac.

 

[DiveCon]

Ol' George left a hell of a legacy.

sorry, you cant blame the car makers trouble on bush
they made them all their own, with the unions help

but then, you're nothing but a partisan hack

I've got to agree with DiveCon on this. GM made their bed. Chrysler today is nothing more than a result from Daimler's mis-handling of it. Think of how many extra Crossfire's they could've sold if they would've offered a manual transmission. While Dodge was focused on putting a Hemi engine in every single one of their vehicles Ford and Toyota were building hybrids. Chrysler deserves to fail. Sell the Jeep brand to some private company and allow Dodge and Chrysler to go under. Tell GM to cut half of its brands including GMC, Saturn and Hummer. Just have Chevy, Pontiac and Cadillac.

thats it exactly, its not Bush's fault, its not Obama's fault
its not even Congress' fault(though they did do crap that affected them)
most of the fault is on them and the unions
they priced themselves right out of a job

 

[auditor0007]

A cost-cutting deal between General Motors of Canada and the Canadian Auto Workers doesn't go nearly far enough, industry observers say.

Union president Ken Lewenza said the accord preserves Canada's "investment advantage" over U.S. factories of the Detroit Three automakers and will be the pattern for imminent talks with Chrysler and Ford.


Dennis DesRosiers, an independent industry analyst, said General Motors is still avoiding tough decisions, as it has for decades: "It's a wet noodle of an agreement."

GM workers would also for the first time make payments toward their own health benefits -- $30 a month per worker family

ain't that pitiful?



GM-CAW deal to cut benefits isn't nearly enough: analysts

$30 per worker for their entire family? You know, I support the idea of buying American, and I'd like to see American jobs protected. But $30 fucking dollars when everyone else pays so much more? And to top it off, these people make $25 to $30 per hour just because they build cars?

I run my own business. When business is down, I take a pay cut. These people think they are owed these salaries and benefits. And now they're going to cry because they really need to take a pay cut for the benefit of keeping their jobs?

I know one thing; if GM and the other two don't figure this out on their own, I'll have no trouble buying a damn foreign car for my next vehicle. These companies better figure out where they can cut costs across the board, from upper management to the union workers, and they better do it quick, or there won't be anymore American owned car companies. Taxpayers aren't going to bail their asses out over and over again.

I pay $600 per month for my health insurance, for myself and my kids, and I have $1000 deductibles on each of us, then I pay 20% up to an out of pocket expense of $2000 per person. I realize things are tough for everyone, but these workers don't want to budge. They think since they have a contract, they have a right to their paycheck. Well, when the company isn't selling any cars, guess what?

 

[auditor0007]

A cost-cutting deal between General Motors of Canada and the Canadian Auto Workers doesn't go nearly far enough, industry observers say.

Union president Ken Lewenza said the accord preserves Canada's "investment advantage" over U.S. factories of the Detroit Three automakers and will be the pattern for imminent talks with Chrysler and Ford.


Dennis DesRosiers, an independent industry analyst, said General Motors is still avoiding tough decisions, as it has for decades: "It's a wet noodle of an agreement."


ain't that pitiful?



GM-CAW deal to cut benefits isn't nearly enough: analysts

Chapter 11 anyone? Truth to tell, we're going to see many Chap. 11's soon, then the real shit will hit the fan, no bailouts on that one. Obama's mess is just stalling the inevitable. Then it will hit, with the added debt. Hello banana republicville.

Ol' George left a hell of a legacy.

Blame Bush all you want; he didn't create this mess. He, along with everyone else just delayed this mess by a few years. Had it not been for his tax cuts and all the creative finanacing that came about long before he arrived, we would have seen this mess right after 9/11.