Posted on 06/01/2009 8:58:24 AM PDT by Deek
NEW YORK – General Motors filed for Chapter 11 bankruptcy protection Monday as part of the Obama administration's plan to shrink the automaker to a sustainable size and give a majority ownership stake to the federal government.
GM's bankruptcy filing is the fourth-largest in U.S. history and the largest for an industrial company. The company said it has $172.81 billion in debt and $82.29 billion in assets.
"The General Motors board of directors authorized the filing of a Chapter 11 case with regret that this path proved necessary despite the best efforts of so many," a company statement said. "Today marks a new beginning for General Motors. ... The board is confident that this New GM can operate successfully in the intensely competitive U.S. market and around the world."
(Excerpt) Read more at news.yahoo.com ...
Socialist Obama and the Socialist Congress are buying union votes with our tax money, and/or our increased national debt. Perhaps Government Motors will announce a new model called “Peopleswagon”? Who in his or her right mind would buy a Government Motors car or truck? Taxpayers are going to pay to keep this sucker alive until we vote the Socialists out of office. The waste will likely exceed $200 billion.
But the GOP “leaders” are so timid they don’t even dare to call the Demos by their true name: Socialists. Tens of millions of us have taxation without representation.
It was no picnic here in the 1930s either. The sickest part of it is that this is all a return to something that failed in the last century. This is reactionism run amok. When the Russians are scolding us about free enterprise and capitalizm, something is very topsy-turvy.
That’s actually very likely. Who wants to buy ANY new car in this economy? And the govt is probably goign to try to force unionization down the throats of the foreign and right to work automakers.
Who iss mosss laziesss? Amelicanautoworker or fat amelican? WRONG! Amelicanautoworker fattest AND laziest.
I spent up all my airline miles last year. They are not promised to be honored in perpetuity, and I figured I’d better get rid of them. This was before all this happened. I also took some w/ds from my 401Ks to try to pay down debt. Didn’t really work, but I did it at about 13000, so at least I made enough money to overcome the penalty as opposed to just loosign it.
Donnie Deutsch of MSNBC is being PAID by US with BAILOUT MONEY to do PR for GOVERNMENT MOTORS!!
After billions and billions and billions and billions of dollars spent to prevent bankruptcy - the company is bankrupt....
Australia?
Just kidding. You are right. America is the last bastion. We save her or we go down fighting. The communists are now brazen and not worried about being subtle. The DNC is going for the jugular. They feel that they have the support of all the idiots they need in the nation and the conservatives and republican party are powerless to stop the US converting to outright socialism. It’s a bold gamble. If it works, we are screwed.
Where’s my stock certificates since I am, in effect, a car company owner. Also, I want some say in what kind of cars will be built.
Ha ha ha ha ha ha ha! Another conservative in the making... Ha ha ha ha ha ha ha!
How much money did we give the Unions and GM, should have let them go Tango Uniform.
I won’t even think about buying GM or Chrysler from here on out.
There was a column on Townhall a few days ago by Tom Borelli called “Obama’s Corporatism Strategy Might Advance Cap-and-Trade” in which he described how so many corporations are chomping at the bit to get their fingers in the cap and trade pie - capitalism be damned. Too many CEO’s are too swept up in greed these days.
This is about as illegal as it can get — a back room designed Chicago style taxpayer/serf funded bailout of a corporation and its union buddies and nobody asked if I wanted to contribute to their bailout fund. Not even my crooked congresscritters were allowed in on the deal.
GM is now to become BM. (Barack Motors)
Bush’s fault.... seriously.
/SARC"
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How does one say that in Chinese? Perhaps like this? /s
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"Geithner tells China its dollar assets are safe(Chinese audience laughs at him)"
Reuters ^ | June 1, 2009 | Glenn Somerville Posted on June 1, 2009 5:38:47 PM EDT by Free ThinkerNY
BEIJING, June 1 (Reuters) - U.S. Treasury Secretary Timothy Geithner on Monday reassured the Chinese government that its huge holdings of dollar assets are safe and reaffirmed his faith in a strong U.S. currency. . . .
"Chinese assets are very safe," Geithner said in response to a question after a speech at Peking University, where he studied Chinese as a student in the 1980s.
His answer drew loud laughter from his student audience [emphasis added], reflecting scepticism in China about the wisdom of a developing country accumulating a vast stockpile of foreign reserves instead of spending the money to raise living standards at home.
(Excerpt) Read more at reuters.com ...
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