Top Republicans Call for GM to Declare Bankruptcy

[Purveyor]

Source: Fox News

Sunday, March 08, 2009

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.

But Rep. Thaddeus McCotter, R-Mich., told FOX News on Sunday that he disagrees with sending the auto companies into bankruptcy, calling it a "shallow approach" to dealing with a failure that would affect hundreds of thousands of workers.

Read more: http://www.foxnews.com/politics/2009/03/08/republicans-gm-declare-bankruptcy/

[bookman]

1. Union Busting

Plain and simple.

[Purveyor]

4. What these f'n clowns don't realize is that a GM bankruptcy will destroy the 'non-union' shops

with 10 - 50 employees that are suppliers.

They will not survive if their account receivables is suddenly wiped off the books. Many are barely making it now...

[FarCenter]

12. Chapter 11 bankruptcy would not wipe out suppliers' receivables

It just puts GM under bankruptcy court administration. GM gets "debtor in possession" financing and continues to operate.

[FarCenter]

13. They need bankruptcy to eliminate half the GM dealerships

And trim the distribution costs to where they would be competitive.

Also, they can eliminate brands without compensating the dealers of those brands.

[sarcasmo]

47. Don't forget the legacy costs, which is what Bankruptcy is all about.

[Sen. Walter Sobchak]

35. GM will never get debtor in possession financing

That was the purpose of the bailout, to use the government funds in place of institutional financing for their Chapter 11 re-organization.

[No Elephants]

44. As far as I can tell, the f'n clowns could care less what they destroy. They are posturing.

[Andy823]

5. I agree.

The republicans want to bust the unions, they have been trying for years, and the last 8 years were good for their goal. Now they want to use the recession to get rid of unions, and be able to have "low wages" for the big corporations that give them money!

[Jeff In Milwaukee]

51. Given the results of the last two elections...

shouldn't the GOP declare "intellectual bankruptcy" and go out of business?

I mean, fair is fair.

[CatholicEdHead]

45. Exactly, they want to see the UAW go down

[fed_up_mother]

52. Legacy busting.

:(

[zbdent]

2. ooooh ... a Michigan ReRushlican is afraid he'll lose his position ...

gee ... big surprise ...

[endless october]

3. screw the republicans.

get even with the fuckers : unionize a walmart. it will be the best thing that could happen to your area. walmart closes all unionized stores.

maybe then your downtown can have shops again.

when GM is the biggest employer in America, pretty much everyone can afford a fairly new car. when walmart is the biggest employer, everyone can afford...

walmart.

[Optical.Catalyst]

10. The Republican Party is self destructing before our eyes

They will only have 35 Senators after the 2010 election, and the people in the center-right will form a new political party when the Republicans sent to the sidelines in 2012.

We need to hasten the demise of the Republican Party by utterly crushing them politically at every opportunity. Republicans are a pox on the United States and need to be eliminated yesterday.

[Mithreal]

11. Some want to change the Democratic Party to accomodate those

fleeing from the Republican. I just don't see a new party forming.

Rush Limbaugh is not alone, both enabling Democrats and Blue Dogs may together destroy both parties as we know them.

[KamaAina]

6. Just think, that clueless oaf could have been *President* McCain't

:scared:

Would you buy a car from this man, knowing that he was about to file bankruptcy, and might not be around to service the car in a year? Most people wouldn't. That's why the auto industry can't take the easy Chapter 11 out like everyone else (airlines especially) can.

Somewhat surprising to see Boner, who "represents" Ohio, buying into this. :eyes:

[Doctor Cynic]

7. The Dow would be at 600 something instead of 6000 something...

[blue_onyx]

9. I don't get why someone from Ohio would have this position

The GOP representatives from Michigan have gotten behind the auto industry. I know the auto companies are headquartered here but Ohio has the second most US auto industry jobs. Maybe Boehner is just clueless.

I fear the GM and Chrysler will, indeed, file bankruptcy. The US auto industry just doesn't seem to have the support needed to avoid it, even among progressives. It may be a different type of bankruptcy but it will have the same effect.

[jpak]

18. Quotes from a guy that doesn't know how many houses or cars he owns

and a guy that said the fundamentals of the economy are "sound".

:rofl:

[Optical.Catalyst]

8. If General Motors goes bankrupt, they get to re-negotiate the union contracts

The Republicans would like nothing better than to stick a dagger into the United Auto Workers union.

[Octafish]

43. Bingo! The Party of No.

No unions. No organized labor. No organized opposition.

No middle class, too.

[Dr.Phool]

14. I call for the Republican Party to file for moral bankruptcy.

And ideological bankruptcy too.

[davepc]

15. So taxpayers dump billions into a failing company to save the UAW

[Better Believe It]

19. How's that? You sound like Senator Shelby who blames auto workers for ....

the huge drop in auto sales!

I take it you've been reading the Republican, conservative Democrat and right-wing union haters talking points on the auto industry.

Some poople on DU have claimed that Detroit's auto sales are way down because they aren't making cars people want to buy!

Now that's about the most stupid comment I've read trying to explain why auto sales are way down.

Do these people think the foreign owned auto makers are having record setting sales?

Idiots! They just don't bother to check out the facts for themselves and rely on mass media and right-wing propaganda for their information.

[Brucie Kibbutz]

22. There's a surprising amount of union haters here.

It's a fucking shame, too. Working people don't have a chance in this world any more.

[Warren Stupidity]

30. I can't respond to ignored, so - save good union jobs?

Yes I think that is an excellent idea.

[davepc]

33. Don't put words in my mouth. I don't blame GMs poor sales on the UAW.

GM is doing poorly, the people who ran GM into the ground grovel to congress for money and still have their jobs. GM cuts 10,000 jobs, http://www.nytimes.com/2009/02/11/business/11auto.html?_r=1&ref=business GM spends billions of bailout money in Brazil http://www.laht.com/article.asp?CategoryId=12396&ArticleId=320909 Yet the American tax payer needs to give GM billions more for the sole act of saving the UAW.

When did throwing good money after bad become a progressive fiscal principle? When does it end? How much taxpayer money needs to be funnels into GM to prop up the UAW?

We're better off nationalizing the company then throwing money away keeping an ill company alive.

[TBF]

31. I'd rather save ordinary rank & file workers than banker billionaires. ymmv, of course. n/t

[santamargarita]

16. What the hell is a "Top Republican"?

Is there some hierarchy among fascist pigs?

[rambler_american]

42. If I recall

Jeff Gannon was a "top" Republican.

[bemildred]

17. GM says: "You first". nt

[Odin2005]

20. I call for McCain's head to roll! Literally!

:grr:

[Snotcicles]

21. Ahh, nothing like a greasy Boehner in the morning. nt

[MadMaddie]

23. Funny we don't hear them saying that about the banking industry

a white collar industry. But if it is a blue collar industry then it's another story.

[mbperrin]

25. Yes, that is sort of....peculiar.....isn't it?

So lessee....bankers get to keep $500,000 a year wages plus stock incentives, while half the union workers lose their jobs, while the other half of union workers get their pay cut in half, lose their retirement and health benefits.

Why yes, you can see where this will get people spending us right out of this depression immediately, right?

If I need a sarcasm tag, someone's not paying attention.

[Warren Stupidity]

29. Actually these two also called for letting Citi and BoA go down.

They are pushing for a complete collapse.

[hugo_from_TN]

55. You must not read the news

[PM Martin]

24. Go back to making propaganda films for the Vietcong Johnny Boy!

:mad:

[dothemath]

26. what a waste of air ...............

The old fool has been asleep since Nov. 4. Now he has been propped up to look
like he is alive and has no idea of the dramatic changes the world's finances
have gone through since his nap started. Hell, he didn't have a clue what was
going wrong at C squared 6 months ago. Remember, "The economy is fundamentally sound"?

I saw a study, can't remember where right now, that set up General Motors with free labor. Numerous scenarios were presented. Guess what. GM went broke under
all of them.

Hey, McCain, why don't you resign from feeding at the public trough, trot your
ass up to Detroit and show them how to,"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."
That ought to do it.

[2Design]

27. I wish these repubs would hand over their keys, benefits, and absolutely outrageous

salaries for being the destroyers of this nation

[Warren Stupidity]

28. McCain and Shelby are constituting a shadow government.

And are actively working to undermine the Obama administration. So much for this bipartisan crap. Once again we reach out and get bitten.

[Sadie5]

32. What about all those pensions GM wants to do away with

The health care and the union. warranties on cars would be worthless if they file bankruptcy. McCain is a 'has been' gas bag fighting to remain in the spotlight. Notice that before he ran for president the repugs didn't even act like they cared what he thought, now he is quoted daily.

[excess_3]

34. bankruptcy, better than ... loan after loan after loan

there is too much auto-building capacity
in the world
there are too many dealers
etc

[Psephos]

36. I wish even half the "union supporters" here had UAW-assembled cars in their driveway

It would do approximately ten billion times as much actual good for the UAW as these moral vanity rants.

No UAW wheels? Then STFU.

[davepc]

37. My Ford car was built in Dearborn Michigan, and my Dodge truck was built in Warren Michigan

does that count?

[Psephos]

38. Absolutely :)

Good on ya!

[Hulk]

39. Anything to bring the middle class to their knees.

Yeah.....don't hear them talking too much about the banks and Wall Street should just "suck it up". Holy shit, that might affect their corporate donors. This is such crap.

Let the auto makers go bankrupt, then we can bust the unions and sell cheap shit that can't even compete with the foreign auto makers, where their employees get universal health care and ours can just be added to the rolls of the uninsured in this country...OR they can cut back on meat on the table to buy that "insurance" from their buddies, the corporate insurance companies.

All such bull shit. We shouldn't even repeat their crap.

[hunter]

40. Let's get some universal healthcare and increase social security pensions first, okay???

We don't need any more unemployed people out on the streets, especially former employees of the U.S. car industry.

[shaniqua6392]

41. We should bail out the auto companies with LOANS

before we bail out banks and AIG, etc. The banks are getting money handed to them. The auto companies merely want loans to hold them over until the economy gets better. Republicans are trying to bust the unions. The unions have given many concessions in the 2007 contract and are voting on more concessions today.

[Roland99]

53. GM lost like $30 billion last year alone. If we loan them money and they still go under...

we're left with nothing.

If GM can turn a profit in the next quarter, I'd agree with loaning them money.

[damntexdem]

46. Why does the GOP hate America so much?

;-)

[fascisthunter]

48. The GOP's Grand Agenda in Taking Workers Rights Away from EVERYBODY

so their wealthy constituents can get away with paying us all shit.

[durablend]

49. GOP loathes the working class

They'd love nothing more than have the "non priveleged" on their knees, licking GOP shoes, thanking them for allowing them to live (never mind being paid anything resembling a subsistent wage, or ANY wage, for that matter).

Just think of a brownshirt with a HUGE boot on your throat...that's your typical Republiscum.

[fasttense]

50. So why are they NOT calling for AIG to go into bankruptcy?

Seems to me repukes pick and chose the corporations they want destroyed. Why not put AIG, Citi and B of A into bankruptcy? They are a huge drain on our tax dollars. The banks need to go before the few remaining manufacturers are forced into bankruptcy.

[Cessna Invesco Palin]

54. Oh, that's gonna win 'em a lot of friends. n/t