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]
Well I can’t help but wonder why they didn’t opt to cut extravagant lifestyle funds out of the budget instead of filing chapter 11. I guess riding in a private jet and recieving a million dollar bonuses is more important than the “blow to the thousands of American families who depended on that regular paycheck.”
How is this Obama fault? GM should of been left alone to fell. Its not the governments fault that these companies have been making subpar products for the last 30 years. GM knew for years that they where working backwards, not making any new innovations in vehicles, just keep reproducing more junk.
whatever sandra. Prez did the RIGHT thing. somebody had to cut the foolishness GM been on since…well since forever! all them dayum cars with the same body, same engine…but under every GM umbrella with a DIFFERENT name.
the President is a brother…he know good n dayum that a monte carlo, grand national, grand prix, and a cutlass were all same car! he got tired of GM.
hearts out to all the GM workers and their families but this had to STOP.
DOnt care honda ccivic shits all ove rnaything GM has ever made or will ever made good riddance they would take the same car and rebadge it and sell it under another brand most retarded business plan ever. GOOD RIDDANCE
sorry i dropped the “well”…
but the point IS they were robbing folks with that mentality. for instance RIGHT now…my mother has a little pontiac sunfire. WHY does her car use the SAME parts etc as her sister car….a chevy cobalt? cause they the SAME car that’s WHY! but my aunt paid thousands more for HER car…
Im sure he sent GW Bush a thank you note for his assistance in ruining the US economy…Sandra this has been going on since 9/08(well thats when they decided to tell us we were heading to hell in a hand basket)…TWO months before Barack was voted in 4 Months before he took office…I remeber after the prez one everyone was so shcoked Im like why…the white man always get the black man to clean up his mess!!!!
whatever as long as my waranty is still valid for my grand prix…ill miss pontiac
PRESIDENT OBAMA DOESNT OWN SHARES IN GM, THE UNITED STATES GOVERNMENT DOES. SO WE CITIZENS NOW OWN SOME OF GM. GM IS THE SECOND LARGEST AUTO MAKER IN THE WORLD, IT DOESNT NEED TO GO UNDER, BUT WHAT IT DOES NEED IS AN OVER HAUL. AND IF THEY DONT WANT AN OVER HAUL, THEN GO UNDER. THEY NEED GOOD ATTRACTIVE DEPENDABLE CARS AND TRUCKS. PEOPLE LIKE ME WHO SAID I WILL NEVER OWN AN AMERICAN CAR SHOULD BE PERSUADED BACK BY LOOKS AND QUALITY. HAVE A CAR THATS COST A MONTHY PAYMENT EVERY OTHER MONTH IS NOT WHAT PEOPLE WANT.
Several of the folks that worked for GM in the past can attest to how frivilious the spending was. My friend’s dad used to work there in the 60s and 70s, until he retired and he used to always talk about how they would finish an 8 hour work day in about 2 hours and go to clock in on another job and get paid there while still on the GM clock for a full 8 hour day. He also said that he wasn’t the only one. Folks that worked for GM did this for years he said. So how is Obama to blame for GM folks getting over for years? Every good thing must come to an end.
The fact that this company is failing is their own fault…the people that ran it into the ground are walking away with MILLIONS!!! The causalities are the people who DEPENDED on the company for the survival of their families. Will the government come and rescue me with an infusion of MY OWN MONEY that I pay in taxes should my employer lay me off?
Thanks Sandra I now own a car co. Can I go and pic up my GM car?
just foolish!
I’m not going to lie … I’m totally confused on what’s going on with GM.
I thought they should have gone bankrupt before the bail-out money was put in. Now, they’ve gone bankrupt with billions of the taxpayers money and now we have to put and additional $30 billion in to help get them out.
Taxpayers are told we own 60% of GM. I don’t see anyone asking our opinion on how to run the company. Like someone else noted “can I go pick-up my new car”?
Lord – if Obama had given more money to GM, you’d be hollering how he is throwing money at a company that is going under. He can’t win with you.
Stop writing like Obama is the new CEO of GM. That company has been experienced lowered sales for years due to bad management and lackluster vehicles and not being able to compete with foreign models.
The Divine Ms. K Says:
Lord – if Obama had given more money to GM, you’d be hollering how he is throwing money at a company that is going under. He can’t win with you.
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Actually Obama is giving more money to GM: another $30 BILLION of your tax dollars! Do you read the news hon? Or do you get all your news from blogs?
Too bad the government didn’t have the balls to do this 30 YEARS AGO WHEN THEY SHOULD HAVE!!! And thank GOODNESS the govenrment have the balls to do this now!!!