Obama Favors Bankruptcy for GM, Chrysler. (Congress, health care, death, companies)

[oz in SC]

So much for those faithful retired union workers....

The Obama's administration's leading plan to fix General Motors Corp. and Chrysler LLC would use bankruptcy filings to purge the ailing companies of their biggest problems, including bondholder debt and retiree health-care costs, according to people familiar with the matter.

Under this plan, the "good" GM would not be expected to hold the tens of billions of dollars in retiree and health care obligations that hurt the auto maker in recent decades. Instead, those obligations would be transferred to an "old GM," made up of less-desirable brands like Hummer and Saturn, and underperforming plants and other assets. This part of GM would likely sit in bankruptcy much longer while a buyer is sought for the parts or it is wound down.

Bankruptcy Leads Possible Plans for GM, Chrysler - WSJ.com

[ViewFromThePeak]

+1 for Obama (and I don't say that often)

I'd have much more respect for him if he just let them go now, rather than let them linger for political posturing.

[ergohead]

Obama Favors Bankruptcy for GM, Chrysler


HENRY FORD LIVES!

[oz in SC]

Funny thing is,the reason the fedgov. HAD to get involved was to stop the company going into bankruptcy.....which is now the idea favored by the fedgov.

Of course it only cost a few BILLION dollars in the meantime and who really cares about that,certainly NOT the Obamatrons.

[cuebald]

Originally Posted by oz in SC

Funny thing is,the reason the fedgov. HAD to get involved was to stop the company going into bankruptcy.....which is now the idea favored by the fedgov.

Of course it only cost a few BILLION dollars in the meantime and who really cares about that,certainly NOT the Obamatrons.

Obama couldn't help it that W gave them money.

Fortnately, Bush only gave them enough bucks to keep them afloat while he got out of the way and went back to Texas to drink himself to death. It could have been a lot worse.

[Fred314X]

Well, here was GM, managing to lose $82 billion in four years. The government propped them up twice, then drew the line. What would you rather do--keep pouring money into an obviously hopeless cause...or insist that they (finally) make some legitimate changes in the way they do their business before giving them any more money?

If the last four years are any indication, GM has been aiming straight for bankruptcy anyway. Let 'em fold. At least the rest of the country won't continue paying to keep them repeating their expensive business practice.

[proudmama]

Originally Posted by oz in SC

Funny thing is,the reason the fedgov. HAD to get involved was to stop the company going into bankruptcy.....which is now the idea favored by the fedgov.

Of course it only cost a few BILLION dollars in the meantime and who really cares about that,certainly NOT the Obamatrons.

\

As a reminder, the Congress approved 700 billiion dollars, of which none have been distributed to the auto industry yet during this administration, only the Bush administration. But then again i'm sure you knew that.

[Yeledaf]

GM stopped being relevant years ago. Their answer to hybirds was to make pickup trucks with turn signals on the side-mirrors and SUVs with heated seats for fat asses.

And the UAW sucked the American car companies dry -- let them explain to their membrers why they no longer have jobs.

Big Corporations, Big Unions ---- let 'em both die.

[stan4]

Finally something I can agree with him on. Now the car companies can ditch their loser union contracts and retool so they won't be chronically over-capacity.

[oz in SC]

So are y'all asserting Obama opposed the loans to GM and Chrysler????

If so,could you provide some cites illustrating as much.

Thanks.