General Motors files for bankruptcy protection (GM Nationalized)

Associated Press ^

[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."

[KTM rider]

Looks like Ford could get a big boost. Maybe, but the government taking Ford off its list of approved vendors won't help. The government is only going to be buying from companies they have a stake in.

actually looks like ford is headed for trouble. the obamunists will find a way to destroy them,

let me guess how......"sorry ford, there is a sudden financial crisis, were out of money to loan" or " congress passes a law that fords must meet zero emissions and 62 mpg"

[beagleone]

Obama basically has become a pitch-man for the nationalized company. By dedicating a speech to Chrysler and GM he is artificially attempting to create demand for these two entities at the expense of the sole remaining non-governmental car-producer: Ford.

This is utterly despicable.

[reefdiver]

Look at this quote , right from michael moors web site.

So here we are at the deathbed of General Motors. The company's body not yet cold, and I find myself filled with — dare I say it — joy.

Then the fat slob goes on to announce changes that he says are needed.

[Justaham]

General Motors is now Obama Motors.

[Freedom_Is_Not_Free]

The vast majority of us are loath to become expatriates. The odds are high you are in that group. Among nations on the earth, Australia and Switzerland still seem to have a modicum of freedom and democracy, so they come to mind when “dreaming” of a freer place to live.

It is unconscionable, but as a mental exercise, I simply couldn’t leave America for any nation that does not have at least as free RKBA rights as ours. Australia is not that nation.

[Murp]

“Looks like Ford is headed for trouble”

Ford is now the only free enterprise car maker left in America. A big fat “bulls eye”, commonly known as a ZERO or 0, rests squarely on their torso. Who can compete against competition that has a printing press check book? The sad part of this is that the American people, titty suckers that they are, may very well say, “ Oh, I'm a stockholder in GM; I should go out and buy from them!! With the billions GMAC has received, anyone can get financed!! I fear itty bitty green cars are in our future. There is a dark cloud hanging over our country and I'm not sure that there are more of “us” than “them”. Come Lord Jesus, come!!

[JPJones]

What’s good for GM is good for America. /sarc

[Nowhere Man]

I think I’ll stick with Japanese cars (made in North America, though). Companies that not only honor their warranties, but regularly go beyond the stated terms of those warranties in the name of customer satisfaction. Yeah, even the Japanese sometimes drop the ball when designing things - for example the ‘03 and ‘04 Honda Accord transmission failures, but they replaced all those transmissions, and not just with more of the same ones that were bound to fail (hello, Chrysler minivan) but after determining the cause of the problem and redesigning to solve it.

Mom has a 2004 Hyundai and it needed only a marker light bulb replaced and a new set of tires ever since she bought it. I plan to stick with Ford but I'll give Toyota and the others a look too.

[MHGinTN]

I bought a Hyundai minivan in January, after shopping all the competition. I love it! Already one of the best vehicles I’ve ever owned and I’m 63!

[Nowhere Man]

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.

I know, either that or it could come down to a hot war between us and them, pure and simple. Hate to be morbid but they are diametrically opposed to us and more importantly, the ideas of the United States and the Constitution. There will be a line somewhere, unseen, but there that will be crossed.

[mjaneangels@aolcom]

“and give a majority ownership stake to the federal government.”

What is wrong with this picture?

[Freedom_Is_Not_Free]

I hope you are right. I would rather die free than live a slave. I am not completely free now - we have gone so far into regulation, taxation, socialism and political correctness.