If this true and verified as such before 930am ET toomorrow, look for the market to have its wirst day since Lehman went belly up; 800 - 1000 points down.
That stunned silence will change to quiet rage if this keeps up for another 6 months. Another year and all bets are off.
Another 6 months? The pressure relief valves of the society are all going to explode before then.
GM going into Chapter 11 and Chrysler being sold off in pieces is the single greatest assault to the free market this nation has ever witnessed. The country is going to have a conniption over this, with emotions spread across the spectrum, from deepest apathy, to explosive rage.
We may not even get through Spring without widespread civil unrest, at this pace. Our country is literally being broken to bits by the Obama mis-administration.
A major chapter of American history will be written by this time next year. Mark my words.
GM only has a cupla hundred billion in bond debt outstanding.
The $25B "loans"/"bailout" from The Obammunist let a lot of his comrades cash in. Even a loss will be a fortune compared to what the bonds will be worth in bankruptcy.
yitbos
With this guy in the white house we dont have 60 days let alone 6 months.