Republicans to GM: Drop Dead! It's bankruptcy for you!
Top Republicans, including former presidential candidate Sen. John McCain, say General Motors (GM) should file Chapter 11 sooner rather than later, reorganize its business, and come out ready to sell cars.
"I think the best thing that could probably happen to General Motors, in my view, is they go into Chapter 11, they reorganize, they renegotiate ... the union-management contracts and come out of it a stronger, better, leaner, more competitive automotive industry," McCain told "FOX News Sunday.
House Republican leader John Boehner says they've whistled past the graveyard long enough and giving them any more money -- GM, which lost $31 billion last year, says it needs $30 billion in total to stay afloat -- would amount to "throwing good money after bad."
Although bankruptcy may be a hard decision to make, it probably is the best one. But just like propping up Citibank (C), American International Group (AIG), and all the other financial institutions (not to mention the automakers themselves), having politicians meddle in the decision is the wrong one.
The best retort GM could give as it filed its Chapter 11 paperwork would be to say, "Washington, drop dead!"
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