Barack Hussein Obama’s goal to destroy the U.S. economy is on schedule as planned. General Motors Corp filed for chapter 11 bankruptcy this morning because it said the Obama administration would no longer allow it to use taxpayer money to fund the extravagant lifestyles of its execs. It is a crushing blow to the thousands of American families who depended on that regular paycheck. GM, an American icon for hundreds of years, plans to shut down 2,100 dealerships across the country.
The government will assume 60% ownership of GM, which we now assume will be renamed to OM — Obama Motors.
The company, which will be 60-percent owned by the federal government, immediately said it would try to cut about 2,100 dealerships — far more than the 1,100 it had originally announced would be closed — and shutter 14 plants by the end of next year.
“Even though this may have been anticipated for some time, the bankruptcy of General Motors, an American icon for a hundred years, still marks a historically sad day for American business,” John McEleney, chairman of the National Automobile Dealers Association, said in a prepared statement Monday. “The bankruptcy court also should take special care not to trample on recognized rights under state franchise laws.”
The bankruptcy filing will let the automaker shed billions of dollars in liabilities and organize itself. [link]
