Well, yes they have. Any bill providing DIP financing from the Feds would have practically unanimous support from the right.
You would find, however, hesitance on the part of the left.
The GOP handled this responsibly; they offered a restructuring that would accomplish much of what a Chapt 11 would, without the stigma or complications of BK.
If you care to search, you'll find where I've been mocked for pointing out how disruptive a BK filing would be.
My position is simple and clear: no loans for companies that are not viable. I know Chrysler is not viable, and I suspect GM is not, either. Ford, it's an open question.
I'm willing to be as concerned as the UAW is. They KO'd the Senate agreement because they figured they could do better. I say, good luck with that.
The UAW has been given an alternative to Chapt 11. It's up to them whether they take it.
Of course, any thinking person would hesitate...not that the left is known for thinking-because it’s not just about the money. It’s about the suppliers who are on the verge of bankruptcy because of market conditions. It would take time to get this in place...there is no time.
Also, if you want to see what happens when a manufacturer goes into Bankruptcy,look at Adelphi. They were suppose to come out of bankruptcy last year and failed. It’s been years. This was a much smaller company also. GM can not afford to be in bankruptcy for years. No one will buy the cars in this circumstance. The government can talk about honoring those warranties all they want;it won’t work. You need specialized equipment to work on cars. If GM goes away bye bye dealerships who have such equipment. You think a guy who works on cars is going to buy this expensive equipment when no more cars are being produced? Never happen. This is not Grandpa’s chevy that you could work on yourself...it’s a complicated repair for almost everything.
No-bankruptcy means the entire American Auto industry goes away. We become a weak, dependent nations who produces nothing and sooner or later is going to have to beg for crumbs...please sir can I have some more?
Of course, any thinking person would hesitate...not that the left is known for thinking-because it’s not just about the money. It’s about the suppliers who are on the verge of bankruptcy because of market conditions. It would take time to get this in place...there is no time.
Also, if you want to see what happens when a manufacturer goes into Bankruptcy,look at Adelphi. They were suppose to come out of bankruptcy last year and failed. It’s been years. This was a much smaller company also. GM can not afford to be in bankruptcy for years. No one will buy the cars in this circumstance. The government can talk about honoring those warranties all they want;it won’t work. You need specialized equipment to work on cars. If GM goes away bye bye dealerships who have such equipment. You think a guy who works on cars is going to buy this expensive equipment when no more cars are being produced? Never happen. This is not Grandpa’s chevy that you could work on yourself...it’s a complicated repair for almost everything.
No-bankruptcy means the entire American Auto industry goes away. We become a weak, dependent nation who produces nothing and sooner or later is going to have to beg for crumbs...please sir can I have some more?