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GM Should Opt for Bankruptcy

Discussion in 'Political Debate & Discussion' started by OldRegular, Apr 3, 2009.

  1. OldRegular

    OldRegular Well-Known Member

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    GM has two choices:

    1. To continue to bow to O'bama rex and produce so-called green cars which no one will buy. If they continue to take taxpayer money this is their fate.

    2, To opt for bankruptcy, getting O'bama rex off their back and continue to make cars that Americans will buy. This should be the preferred option.
     
  2. OldRegular

    OldRegular Well-Known Member

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    It is my belief that if GM opts for bankruptcy their debt to the Federal Government will be treated like any other debt and this will get O'bama rex's heel off their neck. I am not familiar so I really really don't know but the possibility of getting out from under O'bama rex's heel is appealing.
     
  3. LeBuick

    LeBuick New Member

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    How quickly we forget, it was the previous administration who put the governments heel in GM's neck way back at the first loan. They were the ones who put these strict conditions and attached the strings. All Obama is doing is fulfilling the government comment to the tax payers.

    He would be getting more flack from the entire nation if he didn't fulfill the preset conditions than he is from only the right by fulfilling them. I think he is a smart politician and has come out far ahead since the only objections are from the right who object to everything anyway.

    http://www.bloomberg.com/apps/news?pid=20601087&sid=a2jhLSKGsyHc&refer=home

     
  4. carpro

    carpro Well-Known Member

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    Should GM actually declare bankruptcy, it won't be under current bankruptcy laws that require restructuring to return the company to profitability.

    Instead a legislative "solution" will be invented, just for GM, to keep the UAW in business and the government in control of what they build.

    Profitability will not be part of the equation.
     
  5. LeBuick

    LeBuick New Member

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    Sure, the UAW alone caused their troubles and a special legislative solution would on benefit the UAW... Don't blame the guy who just made $20 million for quitting, that kind of compensation package won't hurt the company AT ALL... Sure... :thumbsup:
     
  6. carpro

    carpro Well-Known Member

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    Your automatic liberal knee jerk reaction to mention of the UAW overlooks the other part of the equation.

    The Obama Administration's major goal is to maintain control of what GM builds.

    If the union has to be thrown overboard to acccomplish that, he will do it. But he would prefer both a viable money machine for democrats in the UAW, and control of GM.

    Being a socialist idealogue, I believe government control will take precedence for Obama.
     
  7. LeBuick

    LeBuick New Member

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    That is just another accusation. There is no proof Obama wants to maintain control over GM.

    I believe the point is that UAW is not the only one making concessions. Everyone knows the union will have to give. But should they have to give disproportionally to the other parties involved? That is the question. And there is no reason to throw the union overboard since there is nothing illegal about workers organizing.

    No union worker ever has one benefit the executives to include board of directors didn't agree to. And you can bet that if the workers have a benefit, management has something comparable or better...

    Again, just accusations. In my view we are a long way from true socialism but then again, people survive in socialist countries.
     
  8. carpro

    carpro Well-Known Member

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    Hide and watch.

    The first step is a "special", for GM only, form of bankruptcy.

    "Profitability" will remain a dirty word.
     
  9. LeBuick

    LeBuick New Member

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    I agree that time will tell but ""Profitability" will remain a dirty word"???

    All's I can say is, WOW...
     
  10. carpro

    carpro Well-Known Member

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    No mention of profitability.
     
    #10 carpro, Apr 5, 2009
    Last edited by a moderator: Apr 6, 2009
  11. LeBuick

    LeBuick New Member

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    Kind of hard for the US auto industry to be leading the world and not turning a profit. But I am sure you can figure out a way to twist that...
     
  12. carpro

    carpro Well-Known Member

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    Obama is a socialist idealogue. He doesn't care about profit. He is after government control of what GM produces.

    He said so. Are you saying he's lying again?
     
  13. LeBuick

    LeBuick New Member

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    He said that? And I suppose you have a link to his actual words saying that exactly? He doesn't care about profit?
     
  14. OldRegular

    OldRegular Well-Known Member

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    It is a little difficult for Wagoner to do anything since king O'bama fired him.
     
  15. OldRegular

    OldRegular Well-Known Member

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    O'bama rex wands the US car companies to build small electric kitty-cars which people will not buy. Neither he nor any of his advisors have smarts enough to know that energy from carbon fuel is required to produce electricity.

    I still believe, and the evidence is growing, that O'bama rex wants to see this nation a third world country.
     
  16. LeBuick

    LeBuick New Member

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    True, but the strict conditions which lead to his termination were placed on him by the previous administration.
     
  17. OldRegular

    OldRegular Well-Known Member

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    You have no proof of that. If so show it. That fact is O'bama rex had no authority to do what he did.
     
  18. LeBuick

    LeBuick New Member

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    I had already posted the proof in post number 3... The strict conditions were placed on GM when the previous administration gave them the money. That was what caused public outcry since the bankers money came with no strings.

    Also keep in mind that the last administration fired the CEO's at AIG, Fannie Mae, and Freddie Mac as a condition of receiving government funds. So Obama was not the first to take this action.
     
  19. rbell

    rbell Active Member

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    Translation: because former President Bush did some stupid, anti-capitalist things, that allows Obama to do the same, carte blanche.
     
  20. LeBuick

    LeBuick New Member

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    Nope... My point is how the right is saying Obama took unprecedented measures when he fired Wagoner. The facts are his measures were far from unprecedented.
     
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