Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Top Republicans Call for GM to Declare Bankruptcy [McCain]
Fox News ^ | 2009-03-08

Posted on 03/08/2009 1:12:28 PM PDT by rabscuttle385

Sen. John McCain said the Obama administration should've let General Motors fold, rather than keeping it on life support.

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."

(Excerpt) Read more at foxnews.com ...


TOPICS: Business/Economy; Government; US: Arizona; US: Michigan
KEYWORDS: 111th; automakers; bankruptcy; bho2009; bho44; bigthree; detroit; economy; financialcrisis; gm; govwatch; mcbama; mccain; mccaintruthfile; mcqueeg; michigan; obama; obamanomics; obamasfault; panicof2009; senate; ussenate; zero; zeronomics
Navigation: use the links below to view more comments.
first previous 1-2021-4041 next last
To: ConservativeMind

LOL. Your "DIE ALREADY" reminds me of this scene.........

21 posted on 03/08/2009 1:41:27 PM PDT by fishtank (Until the GOP repents of supporting Bush, people will think they're just "bashing 0bama".)
[ Post Reply | Private Reply | To 3 | View Replies]

To: rabscuttle385

I don’t associate the words Top Republican with Juan McCain.


22 posted on 03/08/2009 1:43:05 PM PDT by Rappini ("Pro deo et Patria.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: rabscuttle385
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.

That's what bankruptcy is for.

What took so long?

Oh, that's right, we printed dollars because GM is just toooo BIG to fail says many Washington politicians!

23 posted on 03/08/2009 1:43:54 PM PDT by EGPWS (Trust in God, Question everyone else)
[ Post Reply | Private Reply | To 1 | View Replies]

To: rabscuttle385
"If GM and Chrysler are allowed to go in bankruptcy they will not come out," McCotter said.

So GM is in such bad shape they can't survive bankruptcy, but we should still pour billions of taxpayer dollars into a lost cause? Nice logic...

24 posted on 03/08/2009 1:44:13 PM PDT by Senator_Blutarski (No good deed goes unpunished.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: rabscuttle385

The Federal Government should declare “moral bankruptcy” and allow We The People to replace top management en masse: everyone in all 3 branches!


25 posted on 03/08/2009 1:45:24 PM PDT by DTogo (Time to bring back the Sons of Liberty.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: rabscuttle385
I think this should have been allowed to happen before bailout money was made available.

Chapter 11 permits GM to renegotiate those ridiculous UAW contracts as part of the process. If GM ultimately fails, it won't be without good reason.

That said, some of their vehicles are "decent" and there is value in the company for some buyers of assets (including brands).

26 posted on 03/08/2009 2:00:13 PM PDT by SonOfDarkSkies
[ Post Reply | Private Reply | To 1 | View Replies]

To: Paladin2

McCain should drive off in his foreign SUV and retire. Thanks John. You are another politician that stayed to long.


27 posted on 03/08/2009 2:00:27 PM PDT by oldironsides
[ Post Reply | Private Reply | To 5 | View Replies]

To: fishtank
Office Space is one of those movies that get better the more times that you watch it.
28 posted on 03/08/2009 2:06:18 PM PDT by Radix (22;22 EST, 13 Feb 2009, C-Span2, Silent wait for Sen to come bury USA after burying his Mom)
[ Post Reply | Private Reply | To 21 | View Replies]

To: Springman; sergeantdave; cyclotic; netmilsmom; RatsDawg; PGalt; FreedomHammer; queenkathy; ...
If you would like to be added or dropped from the Michigan ping list, please freepmail me.

Busy afternoon!

29 posted on 03/08/2009 2:07:24 PM PDT by grellis (I am Jill's overwhelming sense of disgust.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: max americana

At this point I don’t care what McLame has to say on any subject.
Just go away old fool.


30 posted on 03/08/2009 2:27:04 PM PDT by Joe Boucher (An enemy of Islam)
[ Post Reply | Private Reply | To 11 | View Replies]

To: rabscuttle385

Good for McCain. Good for free market capitalism.

So why didn’t McCain oppose the Bush bailout of Wall Street last year? Why did that he suspend his campaign and rush back to Washington for the bailout legislation? It made him look like the same old inconsistent RINO.

If he had opposed squandering dollars from the very start, at least he would have stood for SOMETHING.


31 posted on 03/08/2009 2:46:05 PM PDT by heye2monn
[ Post Reply | Private Reply | To 1 | View Replies]

To: AdmSmith; Berosus; Convert from ECUSA; dervish; Ernest_at_the_Beach; Fred Nerks; george76; ...

Thanks grellis.


32 posted on 03/08/2009 3:00:11 PM PDT by SunkenCiv (https://secure.freerepublic.com/donate/____________________ Profile updated Monday, January 12, 2009)
[ Post Reply | Private Reply | To 29 | View Replies]

To: ConservativeMind
You are so right. The only people that should get money from the government are the fat cats from AIG and bankers. After all, nothing for a man that works with their hands, only for the masters of the universe. What a pathetic fool. Let the USA loose it's last manufacturing base. We should buy our military and all other goods from China. Just remember, bow to your Chinese masters.
33 posted on 03/08/2009 3:09:27 PM PDT by bronxboy
[ Post Reply | Private Reply | To 3 | View Replies]

To: bronxboy

I don’t live to keep GM in business. I also don’t live to keep AIG or Citibank in business.

Let them all fail.


34 posted on 03/08/2009 3:10:39 PM PDT by ConservativeMind (Who is now in charge of the "Office of the President-Elect"?)
[ Post Reply | Private Reply | To 33 | View Replies]

To: tobyhill
Wow! Of course this comes after billions the Government stole from us then wasted it on their sorry asses.

The billions are already wasted. I'll even consider them a good investment if GM finally dies. Unfortunately though, I suspect GM is like Freddy Kruger and other horror movie villians (Jason - from Friday the 13th, Catherine Tramell - Sharon Stone in Basic Instinct, the Terminator, and the Clinton Crime Family).

35 posted on 03/08/2009 3:27:54 PM PDT by TurtleUp (Turtle up: cancel optional spending until 2012, and boycott TARP/stimulus companies forever!)
[ Post Reply | Private Reply | To 4 | View Replies]

To: Brilliant

the government is certainly not going to help them stay out of bankruptcy at this point.

Looks to me like this government is going to do everything possible to keep them out of bankruptcy to the very end.
Every reason in the book will be used when the target to be saved won’t be the auto companies but the union. Dems owe the union too much. It’s the unions who are too big to fail. Too big=huge campaign contributions.


36 posted on 03/08/2009 7:18:33 PM PDT by Joan Kerrey
[ Post Reply | Private Reply | To 15 | View Replies]

To: rabscuttle385

They (government/industry/union/judges/propagandists) are already floating the new lexicon, “managed bankruptcy” (managed economy/life anyone?) where they offload much of the legacy costs on EVERY U.S. taxpayer. Some of hard-working retirees (with no voice) are in effect told to eat a crap sandwich and die. Then the government/industry/union/judges/propagandists/fascists/collectivists can emerge from this with happy faces, take some pictures, talk to each other, kiss some babies and do some greasy gladhanding before they move forward to their next scam.

Financial Oligarchy (tyranny)

During periods of industrial boom, the profits of finance capital are immense, but during periods of depression, small and unsound businesses go out of existence, and the big banks acquire “holdings” in them by buying them up for a mere song, or participate in profitable schemes for their “reconstruction” and “reorganisation”. In the “reconstruction” of undertakings which have been running at a loss, “the share capital is written down, that is, profits are distributed on a smaller capital and continue to be calculated on this smaller basis. Or, if the income has fallen to zero, new capital is called in, which, combined with the old and less remunerative capital, will bring in an adequate return.” “Incidentally,” adds Hilferding, “all these reorganisations and reconstructions have a twofold significance for the banks: first, as profitable transactions; and secondly, as opportunities for securing control of the companies in difficulties.” - Vladimir Ilyich Lenin

Socialism Is Legal Plunder

You would use the law to oppose socialism? But it is upon the law that socialism itself relies. Socialists desire to practice legal plunder, not illegal plunder. Socialists, like all other monopolists, desire to make the law their own weapon. And when once the law is on the side of socialism, how can it be used against socialism? For when plunder is abetted by the law, it does not fear your courts, your gendarmes, and your prisons. Rather, it may call upon them for help.

To prevent this, you would exclude socialism from entering into the making of laws? You would prevent socialists from entering the Legislative Palace? You shall not succeed, I predict, so long as legal plunder continues to be the main business of the legislature.

The Proper Function of the Law

Can the law — which necessarily requires the use of force — rationally be used for anything except protecting the rights of everyone? I defy anyone to extend it beyond this purpose without perverting it and, consequently, turning might against right. This is the most fatal and most illogical social perversion that can possibly be imagined. It must be admitted that the true solution — so long searched for in the area of social relationships — is contained in these simple words: Law is organized justice.

When justice is organized by law — that is, by force — this excludes the idea of using law (force) to organize any human activity whatever, whether it be labor, charity, agriculture, commerce, industry, education, art, or religion. The organizing by law of any one of these would inevitably destroy the essential organization — justice. For truly, how can we imagine force being used against the liberty of citizens without it also being used against justice, and thus acting against its proper purpose? - Frédéric Bastiat


37 posted on 03/08/2009 9:59:40 PM PDT by PGalt
[ Post Reply | Private Reply | To 1 | View Replies]

To: Senator_Blutarski
So GM is in such bad shape they can't survive bankruptcy, but we should still pour billions of taxpayer dollars into a lost cause? Nice logic...

I agree that GM probably needs to declare chapter 11. However, who do you think is going to provide all that DIP financing? (hint: taxpayers)

While this may improve GM's business model by throwing out bad contracts, taxpayers will still be on the hook for bailing out GM.


38 posted on 03/08/2009 11:12:29 PM PDT by Kegger
[ Post Reply | Private Reply | To 24 | View Replies]

To: rabscuttle385

It said top Republicans but i stopped when it quoted McCain. Even if he is right once in a while, I want nothing to do with him.


39 posted on 03/08/2009 11:14:29 PM PDT by Republic of Texas (Socialism Always Fails)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Radix

I actually _hate_ the anti-authority, anti-capitalist message of it, though..............


40 posted on 03/09/2009 9:18:11 AM PDT by fishtank (Until the GOP repents of supporting Bush, people will think they're just "bashing 0bama".)
[ Post Reply | Private Reply | To 28 | View Replies]


Navigation: use the links below to view more comments.
first previous 1-2021-4041 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson