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."

[b4its2late]

I wonder which airline the government’ll own first?

[gargoyle]

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

[KevinDavis]

United....

[Gatún(CraigIsaMangoTreeLawyer)]

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

[Nowhere Man]

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.

[Nowhere Man]

I wonder which airline the government’ll own first?

Don't know but we might as well call it "Ameroflot."

[kempster]

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?

[Chi-townChief]

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.

[Snickering Hound]

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

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

[-YYZ-]

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.

[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...

[Professional Engineer]

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

[1951Boomer]

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.

[Wissa]

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.

[N. Theknow]

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.

[ichabod1]

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

[ichabod1]

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.

[cranked]

Tha will ultimately come out our taxpayer behinds.

[TexasNative2000]

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.

[mowowie]

Libs can’t see past their noses.