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· Toyota Fanboy
4,499 Posts
Discussion Starter · #1 ·
Key Senate Republicans called Sunday for the Obama administration to let GM and Chrysler go bankrupt, as the ailing automakers prepared to make their survival arguments today in Detroit.
"The best thing that could probably happen to General Motors, in my view, is they go into Chapter 11," McCain said Sunday during an appearance on "Fox News Sunday." A bankruptcy filing is the best way for the company to restructure its labor agreements and other commitments, McCain said.
"That's where they belong," said Sen. Richard Shelby of Alabama, the top Republican on the Senate Banking Committee, on ABC's "This Week with George Stephanopoulos." "Short of (bankruptcy), the UAW will run those companies and run them into the ground."
Another Republican, House Minority Leader John Boehner of Ohio, had harsh criticism for GM, saying on CBS' "Face the Nation" that without major changes, new aid would be "just throwing good money after bad."
But, he argued, as the companies have, that the companies likely would not emerge from a bankruptcy filing. "I don't think they could survive bankruptcy. Hopefully, they'll be able to come to an agreement with all of their stakeholders before they get to that point."
Appearing on "Fox News Sunday," a Michigan Republican warned against bankruptcy.
"They will not come out," said Rep. Thaddeus McCotter, R-Livonia. "This will exacerbate the foreclosure crisis. It will continue to hurt the credit crisis."
Amen to that. :thumbsup: :clap: Instead of wasting even more taxpayer money on saving 2 companies that are destined to fail, I say just let them go under.
Things are never going to change until the leaders of these companies and the UAW gets real.
I say, instead of bailing them out, just let them fail. Only then will the leaders of these companies and the UAW realizes that there are consequences for decades of poor management.
I normally dont agree with anything that the GOP says, but they hit the nail on the head on this one.

· Registered
511 Posts
Well, the Unions' health care issues have been around for a long time, so I don't think it's fair to lay it on the working guys and gals. GM classically has been obsessed with inflating its stock price, at the expense of its customers. Short-term smart, long-term stupid.

It will be interesting, if we can get national health care coverage before they are liquidated, to see what happens when GM can play on an even field.
Personally, I think they'd get clocked. Their management system is too inbred.
Yeah, and I don't often agree with Republicans either.
Actually, I only agree with what they want to do, not why they want to do it.


· Registered
52 Posts
I'm afraid I have to agree that we can't keep GM and Chrysler afloat! I hear lots of people say "We can't let these companies fail because they are too big!" and all sorts of other reasons why they need more money. Are those people saying they need bailout money going to go buy Detroit 3 cars? I have feeling the answer is NO!

Obviously this site is called ToyotaNation and probably somewhat biased toward Toyotas! The reality though is lots of people I know who used to buy Detroit 3 cars just got feed up with the quality. Those customers aren't coming back, and having people buy their cars is key to Detroit's survival!

I heard a poll that 68% of American don't support a bailout, and only 22% supoort it. GM and Chrysler will probably keep getting money. I imagine the disapproval will only grow as times goes on.
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