GM Declared Bankrupcy
 

GM just declared bankruptcy. We are giving them another 30 billion and in turn taking 60% of the shares. 21,000 workers laid off, 14 factories closed. Obama promised that he would not put any more money towards these companies, but now decided against that (he doesn't seem to follow anything he says).

About 2600 dealerships (mainly Saturn, Saab, Hummer, and Pontiac) will be sold or closed. Our 60% stock worth about 8.8 billion will be bought for 30 billion. Canada and Ontario also are giving smaller amounts to them.

By the way, the admin approved Chrysler's merge and plan, so thats on the road!

Within a year the government is going to own everything... Sounds more like communism than capitalism to me. Evidently, do we even have a real american car or truck anymore?

I just like how Obama says something so strongly and goes against it just months later. It just shows you that everything a politician says is to get votes and popularity AT THE TIME and is erased from the board right after. Bush was made a joke for small things that Obama does every day.

Off the soapbox, I like that new country song "Shutting Detroit Down". It all plays out just as planned, the only thing is that the common man knows this and the leaders seem not to. GM has to survive, I strongly feel that, but they have done nothing differently to change their situation. Look at foreign car makers in EU, they have it going on. 60+ MPG and low costs, I think the Oil industry has a huge impact on our low mileage. Why has efficiency only risen 10% in a century? Because oil is controlling it.

I'd drive an electric truck. ****, if I could go down the interstate in a Power Wheels if I could...

Please don't get me started on obama, his apology tour is still turning my stomach. If I wanted a president to go blow other countries I would've voted for Jenna Jameson.

i knew this was going to happen. he (obama) said anything he could to get votes and know look whats going to happen... all for a "change"

yea we went from a liberal republican that was just trying to wait it out (while not being able to get anything passed) to a lying Schizo (he is for us one second and for the other the next)

The problem is, nobody follows there parties standards as before. Also, I love how we give billions of dollars and aid to other nations but only 1 or 2 helped us during Katrina. Why spend billions in Iraq, its a wasted cause, we will never see any of that back. Lets send the government to an accounting class and show them you cant get out of a recessions by spending billions upon billions. Dont get me started on the Bullsh*t loan modification. We get nothing for paying our mortgage on time every month. I say let the companies fight it out on their own. Let unresponsible people lose their home.

The bankruptcy procedures that GM and chrysler are going through are much needed and desired. The unions ruined them and were too greedy to see it.

We are going to be paying off this bankruptcy and these loans for the next 3-4 decades. Its a shame the government has her head up her as*.

What the F*ck!? they better not go down, and they better not sell to many divisions, it allready pisses me off that pontiac is going to have the same fate as oldsmobile and both are/were good companies that more than likely wont come back even when the economy comes back up, what confuses me is How were they able to survive the great depression since that lasted through the 1930s and this has only been half to a full years worth, it seams that if that happened agian everyone would be F*cked up the ass

So, let me get this straight - you are belly-aching because the government stepped up and is helping GM out. You agree that GM shouldn't go under. Well, if you say GM shouldn't go under, yet your against the government giving them money (which is about the only organization/group that will give GM cash)... why aren't you sending checks to GM?
You say GM and Chrysler shouldn't be allowed to fail, but than you complain when they aren't allowed to fail!

Also, without modifying these mortgages, allowing people to stay in their homes, you would have a lot more foreclosures than we have right now. Empty, foreclosed homes are not good for ANYONE. It tends to bring down the property value of nearby homes, and can make the neighborhood looks "trashy."
Not everyone that is having mortgage or other financial issues worked at McDonalds and con'd Countrywide into giving them a $200,000 mortgage. There are lots of people that made an honest living that were (and still are) really hurt by this recession.
As of April, the national unemployment rate is 8.9%. 13.7 million people are without jobs.

This country would be in a much sadder state if the government didn't try to help. I'm not saying everything the government does is perfect or I agree with everything.

Oh, and for paying your mortgage on time: YOU GET A HOUSE and you don't have to worry about foreclosure.

Welcome to the Obamanation. He spends the dollars, and all you get is the CHANGE!