McCain agrees with Bill

Sen. John McCain said that GM should declare bankruptcy.
Finally, John McCain, republican standard bearer for the presidency in the 2008 election, has agreed with yours truly.
Appearing on the Fox News Networks on March 8, said General Motors, the nation's largest automaker, should stop receiving bailout money and declare bankruptcy.
Fox News reported McCain said on the program, "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."
Fox News also reported that Obama's auto advisory committee will travel to Detroit Monday to meet with bigwigs from GM and Chrysler, which has received $4 billion in bailout money. The two companies have until the end of the month to show that they can reduce debt and could use the potential federal funding to yank themselves out of financial ruin.
General Motors has received $13 billion in taxpayer funding so far, and GM officials have said they'll need another $30 billion to fully save the company. The automaker lost $31 billion in 2008 and continues to plummet -- its stock lost a dismal 32 percent of its worth last Friday alone.
This observers position has alway been to cut'em loose. In a free market you have winners and you have losers.
GM, thanks to the UAW, via obscene contracts and work rules and to the U.S. Congress, via obscene pollution, CAFE standards and other ridiculous mandates is one of the biggest losers.
It is time to get GM off the government teat and let the autoworkers discover what is it like out here in the hinterlands where a GOOD JOB might pay 15$/hour.
Let'em see how the other half lives.