GM chief: bankruptcy not an option for industry [AP -- link only]

Associated Press [link only] ^ | 12/3/08 | JULIE HIRSCHFELD DAVIS

[NewJerseyJoe]

Link only, per FreeRepublic AP posting policy.

http://www.google.com/hostednews/ap/article/ALeqM5hTlR_ry_mjT2nXKPWyYI4asuW1jQD94R7MB80

[NewJerseyJoe]

I predict that, within a few days, these guys will regret ever using the phrase "bankruptcy is not an option" (for automakers). WHY is bankruptcy an option for every other business or individual, but not automakers? How did they gain an exemption??

[SmokingJoe]

“GM chief: bankruptcy not an option for industry”

Wrong!
Bankruptcy is the only option for auto industry.

[zarodinu]

I am totally in favor of more bailouts. In fact I think we should bailout everybody by giving them back their tax dollars for the last year. How is that for a hand out?

[mad_as_he$$]

Because Pelosi is in the tank along with Dingy harry for the big three unions. Can't leave important stuuf like this up to a BK judge.

[caver]

They can continue to claim that bankruptcy is not an option, but I know a number of people that will never buy a car from the big three again if this bailout goes through.

[henkster]

I practice criminal defense law; the GM Chief reminds me of many of my clients who say: “I can’t go to jail.” My response is always: “Oh yes, you can.” I’d tell this guy the same thing. It’s the same “I’m not to blame for my actions” whine, only on a much larger scale.

[ZX12R]

They can continue to claim that bankruptcy is not an option, but I know a number of people that will never buy a car from the big three again if this bailout goes through.

You can count me in on that. If they get a nickel of taxpayer money, I will never buy another of their cars, and I will become an activist to convince others to do the same.

[durasell]

WHY is bankruptcy an option for every other business or individual, but not automakers? How did they gain an exemption??

---

Two ways:

A)If they go down it would devastate entire regions. The effect would ripple through the entire country. And not just vague economic effects, but mass movements of people looking for a better deal.

B)A political scapegoat would be found. And no politician wants to be that scapegoat.

[CE2949BB]

Cool. So we get to make the rules as we go along? All right!

Death isn’t an option for me.

[T. P. Pole]

I am totally in favor of more bailouts. In fact I think we should bailout everybody by giving them back their tax dollars for the last year.

I don't know about that. You are hurting all the Obama voters that didn't pay any taxes last year. You're talking about a tax cut to the rich, here.

[ButThreeLeftsDo]

You may post short excerpts from AP.......

[caver]

“I will become an activist to convince others to do the same.”

I will do the same. I bet a lot of people don’t realize that half of this bailout money if for the union member’s health care, pensions and benefits. That is while the rest of the country is getting these same things taken away.

[NewJerseyJoe]

> If they go down it would devastate entire regions. The effect would ripple through the entire country.

You are confusing "bankruptcy" with "going out of business." They are not the same thing.

[LibLieSlayer]

This type of talk makes me hope all three just go away... screw detroit!

LLS

[NewJerseyJoe]

> I will never buy another of their cars, and I will become an activist to convince others

I made that vow in 2005, when I first learned about the Jobs Bank.

[LibLieSlayer]

So be it... I do not care... that is the way free markets work... screw the public and you will eventually screw yourself. No money for thieves.

LLS

[snoringbear]

“They can continue to claim that bankruptcy is not an option, but I know a number of people that will never buy a car from the big three again if this bailout goes through.”

Additionally, I personally would be more inclined to buy a vehicle from one of these companies while in Chapter 11 than while marking time with a bail-out. If in Chapter 11 I would at least know that said company is making a sincere effort to develop a business model that is sustainable.

[caver]

“Additionally, I personally would be more inclined to buy a vehicle from one of these companies while in Chapter 11 than while marking time with a bail-out. If in Chapter 11 I would at least know that said company is making a sincere effort to develop a business model that is sustainable.”

That’s a good point. Another thing to think about is some union member’s willingness to sabotage their products if they think the company is going to reduce their pay. Why would I buy a product from a company that has pissed off workers?

[Mad Dawg]

I think I will adopt that line when dealing with Christmas bills.

Bankruptcy is not an option. I'm too big to fail.

Yeah. I LIKE that!

Please send my outstanding bills to the US taxpayer.
Thank you.
Have a nice day.

[Chronically aghast in Florida]

I made the vow never to buy from GM when they told me the Rot box I drive was my problem. The rot started at about 35,000 miles.