Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

General Motors files for bankruptcy protection (GM Nationalized)
Associated Press ^

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 ...


TOPICS: Breaking News; Business/Economy; Government; News/Current Events; US: Michigan
KEYWORDS: automakers; bankruptcy; generalmotors; gm; governmentmotors; michigan; nationalization; socialism; yeshecan
Navigation: use the links below to view more comments.
first previous 1-5051-100101-112 next last
To: Deek

Yes. Just enough “stimulus” money thrown their way to take care of bonuses, payoffs and security for the thieves; now screw the bond holders and all the taxpayers who paid for it all. Unions and socialist have won; they have destroyed free enterprise as we knew it.

I hope every democrat and union member who has continually voted themselves to get a 8-year college level salary w/benefits for working on an assembly line with a G.E.D. or less, is happy now with their socialist unemployment check and working as a janitor or flipping burgers.


51 posted on 06/01/2009 9:36:39 AM PDT by Integrityrocks
[ Post Reply | Private Reply | To 1 | View Replies]

To: longtermmemmory

This is looking more and more like the economic takeover of Germany with EVERY PASSING DAY!!!

And the lib sheep just keep bleating along while they are being led to thier own slaughter.

I NEVER thought I would ever see this in my lifetime....


52 posted on 06/01/2009 9:37:06 AM PDT by tcrlaf ("Hope" is the most Evil of all Evils"-Neitzsche)
[ Post Reply | Private Reply | To 37 | View Replies]

To: AEMILIUS PAULUS

Next up - your internet freedom! It’s coming soon unless we get congress changed next year!


53 posted on 06/01/2009 9:38:28 AM PDT by princess leah
[ Post Reply | Private Reply | To 49 | View Replies]

To: mikelets456

The DMV will now administer GM warranties. And handle all of your healthcare benefits. Aint we got fun!?


54 posted on 06/01/2009 9:39:07 AM PDT by AH_LiveRight
[ Post Reply | Private Reply | To 50 | View Replies]

To: Deek

There have been and will be tea parties in response to government irresponsibility. I wonder — Will there be a backlash against auto companies if they have received bailout money? I for one will never buy another vehicle from anyone who has received a bailout at taxpayer expense. What do you think?


55 posted on 06/01/2009 9:39:36 AM PDT by Designed
[ Post Reply | Private Reply | To 1 | View Replies]

To: AEMILIUS PAULUS

After coming out of bankruptcy it will be interesting to check on the “Diversity” of the workers and management of the “New GM!” Wait about a year or so.

I am sure it will be fair and balanced with Sotomayor on the job.\s


56 posted on 06/01/2009 9:40:12 AM PDT by Cheetahcat (Zero the Wright kind of Racist! We are in a state of War with Democrats)
[ Post Reply | Private Reply | To 49 | View Replies]

To: Deek

I love the way 0 says taxpayers own 60 percent of GM. As a stock holder, I have some suggestions. Reckon anyone is listening?

All the unemployed people in 0moters are gong to get reeducated to work in the green energy fiasco. I hope that works out for them.

PC = slavery on 0’s plantation.


57 posted on 06/01/2009 9:40:38 AM PDT by pallis
[ Post Reply | Private Reply | To 1 | View Replies]

To: Deek
Interactive maps - GM's sphere of influence wraps the globe
58 posted on 06/01/2009 9:45:37 AM PDT by MamaDearest
[ Post Reply | Private Reply | To 1 | View Replies]

To: 4rcane
"funny watching the market increase on this news, yea government take over is positive for the market.. not"

That market increased because GM and Citibank were yanked off the market today, thereby, not dragging down the average.

59 posted on 06/01/2009 9:45:40 AM PDT by avacado
[ Post Reply | Private Reply | To 3 | View Replies]

To: Sacajaweau
This is like screaming....”Buy Toyota”

I deliver auto parts for a living and the local Toyota dealer keeps pressing me to buy a vehicle. When I'm ready, I might give them a hard look although I still like Ford, which so far, has escaped Zero's clutches.
60 posted on 06/01/2009 9:48:16 AM PDT by Nowhere Man (Is Barak HUSSEIN Obama an Anti-Christ? - B.O. Stinks! (Robert Riddle))
[ Post Reply | Private Reply | To 15 | View Replies]

To: Deek

I wonder which airline the government’ll own first?


61 posted on 06/01/2009 9:50:02 AM PDT by b4its2late (There is always one more imbecile than you counted on.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: al baby

...There’s a new brand of toilet paper in the WH, rolls of green backs...


62 posted on 06/01/2009 9:51:22 AM PDT by gargoyle (...66.7% , A good round number...)
[ Post Reply | Private Reply | To 7 | View Replies]

To: b4its2late; All

United....


63 posted on 06/01/2009 9:51:23 AM PDT by KevinDavis (http://governorpalin4president.blogspot.com/)
[ Post Reply | Private Reply | To 61 | View Replies]

To: Deek; All

I hope no American patriot buys a GM car ever again.


64 posted on 06/01/2009 9:52:58 AM PDT by Gatún(CraigIsaMangoTreeLawyer)
[ Post Reply | Private Reply | To 1 | View Replies]

To: tcrlaf
I’m 45 years old...
I NEVER, EVER, thought I would see this happening in my lifetime.
>
NOW I begin to understand how my Grandfather and his brothers felt while this SAME, EXACT THING was happening in 1930’s Germany. And they, too, felt as powerless to stop it from happening as I do, with the media triumphantly trumpeting everything the Messiah is doing.

The Brothers decided to flee to America, and my Grandfather was lucky to survive the aftermath.

WE haven’t got anywhere to flee to.


I'll be 43 in July and I think the same thing as you. My grandfather fought at Omaha Beach, was among the first wave, he survived but git the purple heart. If he saw this country as it is today, he would have swam back across the English channel faster than Mike Phelps.

My great grandmother was Jewish, she fled the pogroms of Russia by coming to America but where do we go now? Unless you have a faster than light (FTL) starship loaded with supplies in your hip pocket, we have no where to go, the only choice is to turn around and fight.
65 posted on 06/01/2009 9:53:34 AM PDT by Nowhere Man (Is Barak HUSSEIN Obama an Anti-Christ? - B.O. Stinks! (Robert Riddle))
[ Post Reply | Private Reply | To 33 | View Replies]

To: b4its2late
I wonder which airline the government’ll own first?

Don't know but we might as well call it "Ameroflot."
66 posted on 06/01/2009 9:58:15 AM PDT by Nowhere Man (Is Barak HUSSEIN Obama an Anti-Christ? - B.O. Stinks! (Robert Riddle))
[ Post Reply | Private Reply | To 61 | View Replies]

To: ChiefKujo

Feburary 11, 1937.

This is the date the UAW forced GM to sign it's first labor contract.

Wasn't that photo taken just before they were getting ready to go to lunch?

67 posted on 06/01/2009 10:04:30 AM PDT by kempster
[ Post Reply | Private Reply | To 35 | View Replies]

To: LibertyRocks
Maybe we'll start looking like Uruguay or Cuba: 50 years from now, we'll still be driving around in ‘00-'09 model year cars.
68 posted on 06/01/2009 10:05:15 AM PDT by Chi-townChief
[ Post Reply | Private Reply | To 27 | View Replies]

To: b4its2late

http://en.wikipedia.org/wiki/Brewster_Aeronautical_Corporation

They took over an aircraft manufacturer in WWII and failed miserably at it.


69 posted on 06/01/2009 10:06:22 AM PDT by Snickering Hound
[ Post Reply | Private Reply | To 61 | View Replies]

To: mikelets456

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.


70 posted on 06/01/2009 10:10:05 AM PDT by -YYZ- (Strong like bull, smart like ox.)
[ Post Reply | Private Reply | To 50 | View Replies]

To: topher
Does this mean the stock symbol is now:

OM (Obama Motors)

Or is it:

ZM (Zero Motors, Zero's company, Zero Production, Zero Accountability)

Inquiring minds would like to know...

71 posted on 06/01/2009 10:17:41 AM PDT by topher (Let us return to old-fashioned morality - morality that has stood the test of time...)
[ Post Reply | Private Reply | To 57 | View Replies]

To: 4rcane

The “we love socialism” index has made little sense for * while now.


72 posted on 06/01/2009 10:19:15 AM PDT by Professional Engineer ("A republic if you can keep it" responded Franklin. Sorry Dr. Franklin)
[ Post Reply | Private Reply | To 3 | View Replies]

To: Nowhere Man

Like both Air France and Aeroflaut, our airlines will drastically drop in quality if taken over. A friend of mine who was a flight attendant told me that Aeroflaut airlines are like flying ghettos. Overweight, dirty, cheerless “attendants” literally THROW greasy sack lunches at passengers midst a nasty, outdated interior.


73 posted on 06/01/2009 10:26:56 AM PDT by 1951Boomer
[ Post Reply | Private Reply | To 66 | View Replies]

To: WellyP
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.

74 posted on 06/01/2009 10:30:16 AM PDT by Wissa (I despise the liberal media.)
[ Post Reply | Private Reply | To 39 | View Replies]

To: luvEastTenn; Eric in the Ozarks
A friend of mine who was a flight attendant told me that Aeroflaut airlines are like flying ghettos. Overweight, dirty, cheerless “attendants” literally THROW greasy sack lunches at passengers midst a nasty, outdated interior.

I think you meant Aeroflot.

BTW- Aeroflot is Russian for Northwest Airlines.

75 posted on 06/01/2009 10:34:28 AM PDT by N. Theknow (Kennedys: Can't fly, can't ski, can't drive, can't skipper a boat, but they know what's best.)
[ Post Reply | Private Reply | To 73 | View Replies]

To: cranked

20 billion 20 schmillion. It’s all govt “greenback” funny money.


76 posted on 06/01/2009 10:34:45 AM PDT by ichabod1 (I am rolling over in my grave and I am not even dead yet (GOP Poet))
[ Post Reply | Private Reply | To 5 | View Replies]

To: chuckles

Only trouble is, Hitler didn’t force anybody to drive a VW, he probably got the idea from the Model T, made by Germany’s good friends the Fords, and he just sketched it on a cocktail napkin and had it given to an auto exec to see what he could do with it.

This is actually quite different.


77 posted on 06/01/2009 10:37:43 AM PDT by ichabod1 (I am rolling over in my grave and I am not even dead yet (GOP Poet))
[ Post Reply | Private Reply | To 20 | View Replies]

To: ichabod1

Tha will ultimately come out our taxpayer behinds.


78 posted on 06/01/2009 10:39:02 AM PDT by cranked
[ Post Reply | Private Reply | To 76 | View Replies]

To: Deek
Just had an interesting encounter at my workplace.

My employer, who voted for Obama, was just complaining because the credit card company he has used for his business will no longer be offering any type of reward points. He normally gets about 8 roundtrip airline tickets per year due to the volume of business he does with that card.

I asked him if he was aware that this was a result of legislation that Obama wanted passed in order to "crack down" on credit card companies. He said he thought the credit card companies needed to be reformed, but he wasn't expecting it to actually affect HIM.

79 posted on 06/01/2009 10:39:21 AM PDT by TexasNative2000 ("What's in YOUR wallet? MY MONEY!")
[ Post Reply | Private Reply | To 1 | View Replies]

To: TexasNative2000

Libs can’t see past their noses.


80 posted on 06/01/2009 10:45:01 AM PDT by mowowie
[ Post Reply | Private Reply | To 79 | View Replies]

To: kcvl

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.


81 posted on 06/01/2009 10:57:54 AM PDT by pleikumud
[ Post Reply | Private Reply | To 4 | View Replies]

To: tcrlaf

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.


82 posted on 06/01/2009 11:05:42 AM PDT by ichabod1 (I am rolling over in my grave and I am not even dead yet (GOP Poet))
[ Post Reply | Private Reply | To 33 | View Replies]

To: Chi-townChief

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.


83 posted on 06/01/2009 11:12:41 AM PDT by ichabod1 (I am rolling over in my grave and I am not even dead yet (GOP Poet))
[ Post Reply | Private Reply | To 68 | View Replies]

To: TexasNative2000

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.


84 posted on 06/01/2009 11:15:40 AM PDT by ichabod1 (I am rolling over in my grave and I am not even dead yet (GOP Poet))
[ Post Reply | Private Reply | To 79 | View Replies]

To: Deek

Donnie Deutsch of MSNBC is being PAID by US with BAILOUT MONEY to do PR for GOVERNMENT MOTORS!!


85 posted on 06/01/2009 11:16:13 AM PDT by Ann Archy (Abortion....the Human Sacrifice to the god of Convenience.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Deek

After billions and billions and billions and billions of dollars spent to prevent bankruptcy - the company is bankrupt....


86 posted on 06/01/2009 11:16:15 AM PDT by Tzimisce (http://groups.myspace.com/nailthemessiah)
[ Post Reply | Private Reply | To 1 | View Replies]

To: tcrlaf

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.


87 posted on 06/01/2009 11:51:34 AM PDT by Freedom_Is_Not_Free (Depression Countdown: 55... 54... 53...)
[ Post Reply | Private Reply | To 33 | View Replies]

To: Deek

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.


88 posted on 06/01/2009 11:53:27 AM PDT by 3catsanadog (I plan to give the new President the same respect and dignity the other side gave Bush.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Wissa
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.

That's a scary thought. Really, O could have the power to punish Ford pretty good for not playing ball eh? Not to mention the slew of negative Ford media coverage that O can summon when he so chooses.
89 posted on 06/01/2009 11:54:24 AM PDT by mmichaels1970
[ Post Reply | Private Reply | To 74 | View Replies]

To: TexasNative2000

Ha ha ha ha ha ha ha! Another conservative in the making... Ha ha ha ha ha ha ha!


90 posted on 06/01/2009 11:54:40 AM PDT by Freedom_Is_Not_Free (Depression Countdown: 55... 54... 53...)
[ Post Reply | Private Reply | To 79 | View Replies]

To: Deek

How much money did we give the Unions and GM, should have let them go Tango Uniform.


91 posted on 06/01/2009 11:54:43 AM PDT by Sword_Svalbardt (Sword Svalbardt)
[ Post Reply | Private Reply | To 1 | View Replies]

To: TexasNative2000
He said he thought the credit card companies needed to be reformed, but he wasn't expecting it to actually affect HIM.

Well, I suppose he's at least getting "change", which he believed in.
92 posted on 06/01/2009 11:56:07 AM PDT by mmichaels1970
[ Post Reply | Private Reply | To 79 | View Replies]

To: LibertyRocks

I won’t even think about buying GM or Chrysler from here on out.


93 posted on 06/01/2009 11:56:20 AM PDT by 3catsanadog (I plan to give the new President the same respect and dignity the other side gave Bush.)
[ Post Reply | Private Reply | To 27 | View Replies]

To: Freedom_Is_Not_Free
Australia?

Though I agree with your larger point, I've actually seriously given thought to this.
94 posted on 06/01/2009 11:57:58 AM PDT by mmichaels1970
[ Post Reply | Private Reply | To 87 | View Replies]

To: KevinDavis

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.


95 posted on 06/01/2009 12:01:04 PM PDT by 3catsanadog (I plan to give the new President the same respect and dignity the other side gave Bush.)
[ Post Reply | Private Reply | To 31 | View Replies]

To: Deek
Bankruptcy? What bankruptcy? Bankruptcy is when you lose most of what you have, start over again, and you have to pay back at least part of what you owe.

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.

96 posted on 06/01/2009 12:17:49 PM PDT by eleni121 (The New Byzantium - resurrect it!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Deek

GM is now to become BM. (Barack Motors)


97 posted on 06/01/2009 12:21:08 PM PDT by BulletBobCo
[ Post Reply | Private Reply | To 24 | View Replies]

To: Deek

Bush’s fault.... seriously.


98 posted on 06/01/2009 1:29:21 PM PDT by wolf78 (Inflation is a form of taxation, too. Cranky Libertarian - equal opportunity offender.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: topher
Imagine an enterprising middle management type, a real go-getter, at a staff meeting. “I've done some market research, and I have discovered a real demand for SUV’s. We can build these babies, and then advertise the hell out of them on Rush and Hannity”. Just imagine this man's career path going forward from this point.
99 posted on 06/01/2009 2:45:23 PM PDT by fhayek
[ Post Reply | Private Reply | To 71 | View Replies]

To: tiredoflaundry
"Housing.. check... Banking...check.....Autos...check *O*’s plan is coming along nicely!

/SARC"

--

How does one say that in Chinese? Perhaps like this? /s

--

"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 ...

http://www.freerepublic.com/focus/f-news/2262427/posts

100 posted on 06/01/2009 3:44:18 PM PDT by shoutingandpointing
[ Post Reply | Private Reply | To 2 | View Replies]


Navigation: use the links below to view more comments.
first previous 1-5051-100101-112 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson