GM to get $30 billion in bankruptcy financing ( From we the Taxpayers )

"For the better part of a century, the General Motors Corporation has been one of the most recognizable and largest businesses in the world," one senior U.S. official said in a prepared statement to reporters. "Today will rank as another historic day for the company -- the end of an old General Motors, and the beginning of a new one."

Describing the process as "painful but necessary," officials said GM will move ahead with plans to close 11 facilities will idle three more. Specific numbers of layoffs will come from GM, officials said.

The U.S. government will own 60% of equity in the new General Motors, with little or no control over day-to-day affairs. The U.S. government will receive approximately $8.8 billion in debt and preferred stock and will name some of the new company's board members.

Someone posted a thread here yesterday with a story and photos of the new “green” car from Government Motors. It looks like a tin roller skate.

It’s just big enough for you and a bag of groceries. Perfect for running down to the Worker’s Choice & Rainbow People’s health food store in San Fransisco, but hardly usable anywhere else in this country.

Mark my words, the American taxpayers will be subsidizing that death trap, because it’ll never survive in the market on its own merits.

Even though GM is closing a slew of plants across the country, it’s being reported that they will still be building most of their signature line of vehicles for years to come.

I don’t know. Sounds like PR to me. With the CAFE standards being raised to ridiculous levels, I don’t know how GM will be able to continue to build their trucks and SUVs.

This is all going to hurt in the short term, but in the long term, I think that demand is going to bring back the supply of the kinds of vehicles America needs and wants.

The social engineering experiment that the alleged President is executing now is destined to fail miserably.

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NEW YORK (MarketWatch) -- Senior officials in the Obama administration said late Sunday the U.S. government will provide $30 billion in financing to General Motors Corp. to allow it to continue to operate through a historic Chapter 11 bankruptcy, expected to last an estimated 60 to 90 days.