Snakeater
"Detroit is in nose dive, no doubt about that. So is a $50 billion government bailout the answer? President-elect Barack Obama thinks so, and House Speaker Nancy Pelosi points in the same direction with her call for extending 'emergency and limited financial assistance' under the $700 billion bailout plan enacted last month. Democrats clearly want something big and something soon for the Big Three. We agree that the automakers can't go on much longer burning cash and piling up an Everest of debt. They're close to the breaking point. But there's a system in place for dealing with crises such as this, even at the scale of massive corporations. It's called bankruptcy, and it should not be written off as unthinkable. Filing for Chapter 11 protection under bankruptcy law is the normal way a company stays in business when facing an unmanageable financial situation. It keeps creditors at bay while the company reorganizes under court supervision and settles its debts. In recent years it has served as a refuge for major airlines (Delta and United) which, you may notice, continued to fly while in Chapter 11 and, post-bankruptcy, fly today. Bankruptcy protection also frees companies from union contracts. Could this be why it seems to have been taken off the table as an option, at least among Democrats? We can only surmise, but it's clear that a bankruptcy process would be rough going for the United Auto Workers." --Investor's Business Daily
Saving the day: "The adoption of a robust recovery package should be the top priority of the upcoming lame duck session. That is why I intend to seek consent on a bill to create jobs, prevent large tax increases and cuts in state services, strengthen our nation's manufacturing sector, and assist those struggling to find a job." --Senate Demo Leader Harry Reid D-NV) regurgitating the political lie that a Senate bill can "create jobs"
[W]e already have too much union-busting and too much [inaudible] for the [inaudible] worker in this country for us to now say by the way, if you're a company and you haven't been able to totally get rid of the unions, then go bankrupt and rewrite, write down the contracts." --Rep. Barney Frank (D-MA) on why GM can't go bankrupt
"The United Auto Workers said Saturday they won't make any concessions on wages or benefits to help the Big Three. First things first. Investors are just starting to realize that General Motors is a health care provider that makes cars on the side." --comedian Argus Hamilton
"The original $700 billion bailout is TARP, for Troubled Asset Recovery Program. We should call the handout frenzy the Capital Assets Recovery Program. CRAP, for short." --Wesley Pruden, editor emeritus of The Washington Times