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General Motors files for bankruptcy protection

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  • More coming
    May 31, 2009 9:17 p.m.

    There will be many, many more bankrupt companies as Obama's policies continue to ruin America!

  • Bailout?
    May 31, 2009 9:53 p.m.

    Soooooooo, tell me how the future taxpayer bailout money is working out?

    Should have listened to the people 6 months ago that DID NOT WANT THIS!

    This is not about Repub. or Democ., this is all about politicians doing what they want, remember they didn't even read that 1,000 page 'Stimulus' bill ... They don't care, vote them all out!

  • Atlas
    May 31, 2009 10:32 p.m.

    Government Motors is a disaster! Give us back our $50 billion. I have better investments. Give us our money back.

  • GM
    May 31, 2009 10:39 p.m.

    GM pays out more in union benefits than it earns by selling its cars. Bankruptcy here we come! Thanks to the UAW!

  • To More Coming
    May 31, 2009 10:50 p.m.

    These companies went bankrupt due to greed and mismanagement, not to President Obama. Trying to scapegoat our president for that is really lame.

  • Bankrupt
    May 31, 2009 11:37 p.m.

    GM went bankupt because they can't sell their cars for enough money to pay their expenses, including taxes and government mandates.

  • Government is the Answer
    June 1, 2009 12:08 a.m.

    LOL - Those greedy corporate types - you make me sick.

    Obama gave you $50 Billion, and you're still going bankrupt. I can't wait for Obama to save GM, just like I can't wait for Obama to save America.

    Obama is awesome. He is changing America in so many good ways. Capitalism does not work. How long till your closed minds realize this. Governmet is the solution!

    Look how good things are going in China! Look at Russia, France, Sweden... you get the idea. Government will make all our lives better. Those countries really care for the "workers".

    I can't wait to get my first GM check in the mail from Obama.

    Obama is Awesome!!!

  • UAW
    June 1, 2009 12:25 a.m.

    I hope the UAW union is dead and gone, their greed was out of control and if anyone is responsable for the collapse of the American auto industry its these parasites..

  • Re: govt is the answer
    June 1, 2009 2:12 a.m.

    Look at China, Russia, Sweeden. Have you ever been to any of these places? explain to me why china and russia have so much poverty? big government doesnt take care of its people. i understand when you talk about sweeden. socialism has its perks, but are you willing to pay 80% of your income in taxes? i highly doubt it. maybe you think before you write such an idiotic comment.

  • wau
    June 1, 2009 3:32 a.m.

    You're clueless and so uneducated!

  • Legacy Costs
    June 1, 2009 6:46 a.m.

    Legislation was passed after the Enron collapse that requires employers (public & private) to fund current retiree benefits and put aside money for future retirees at the same time. GM has more retired employees on the payroll than current employees. It is these rich retirement benefits that are killing GM.

    Foreign manufacturers in the US have not been here for thirty years, thus have no current retirement (legacy) costs. Workers in both domestic and foreign plants make about the same in current wages, retiree costs are the difference. CEOs get golden parachutes, workers get a retirement and the companies cannot afford to operate.

    Obama did not create this mess, he inherited it. I wish him well trying to fix the mess corporate greed (Enron & others) created. Good luck Mr. President, you have my support.

  • GM had the answer
    June 1, 2009 7:16 a.m.

    What's sad is that GM had one of the solutions to America's energy crisis, but killed it off to preserve the status quo. The solution that GM was trying to bring back, and Toyota is planning to launch next year is the plug-in electric. Yes, GM had one in the mid-1990s. It wasn't perfect, but think if GM had stuck with the car, perfected it over the past 15 years, perhaps today, GM would be in Toyota's position today -- leading the world with the cleanest, cheapest-to-operate car (yes, electricity is only 1/4 the cost of gasoline), and we wouldn't be facing the coming run up in oil prices that is now $2.50 a gallon and anaysts are predicting will be $4 by next year again. Plug-ins could be better than Priuses.

    Oil dependency is the core problem facing America -- from its funding of terrorism to America's military needed to patrol oil route around the world to its gouging of the middle class. Why did GM focus on gas guzzlers post-9/11? Stupid corporate leaders who resisted demands for fuel efficiency and kept drivers addicted to oil.

  • AZ
    June 1, 2009 7:34 a.m.

    So if the tax payers own 60% of GM...Does that mean that we all will get a gut of any new profits to be mad down the road?????? LOL

  • Craig
    June 1, 2009 7:58 a.m.

    GM built the trucks and suvs we want. The problem is the union took to much of the money. Obama motors is doing nothing to reduce union expenses.The whole plan will fail and the community organizer will look like an idiot.

  • Carguy
    June 1, 2009 8:04 a.m.

    Bottom line, it seems to me that our president snagged a whole bunch of perks for all of us taxpayers, right before he did what he was going to have to do anyways, with, or without owning 60% of GM, we were going to have to bail this company out! Without General Motors and their daily shopping list with thier suppliers, this country literally could have been brought to its roots. I'm talking about horse and buggy days revisited!
    Toyota, for example, acquires 30% of its materials to build its auto's from the same suppliers that supply GM with its parts. Ford, and Chrysler also require these suppliers to help them put their cars together. Without GM these suppliers would immediately be bankrupt, leaving the other auto manufacturers in worse shape than they already are. Toyota has over 40 billion dollars in Cash...CASH! They OWN their company outright! Ask yourself what you would do in that situation??? You would cut your losses as they have stated that they would, and you would cash out before you became a statistic like your American predecessors. Plus, you get the coveted Victory in the auto game.
    Thanx Mr President

  • How Surprising
    June 1, 2009 8:33 a.m.

    You mean socialism doesn't work?? Shocking.

  • Belgie
    June 1, 2009 8:48 a.m.

    Okay all you socialists who have been singing the unions' praises, demanding artificially inflated wages, and trying to exclude foreign products from the American market. I've got two words for you - General Motors.

    And, thank you Obama, Bush, and all you other self-serving and greedy politicians for my stake in GM. Good to know that the government can force me to buy into a company that has proven its ineptitude over and over again.

  • Anonymous
    June 1, 2009 9:00 a.m.

    Blaming Obama for any of this is cheap partisan garbage. This started long before the election, as did the government intervention. Comments so far are mostly made by ignorant know-nothings. Get the facts and leave your right-wing hate behind. No one wanted this, particularly the current Administration nor the Bush Administration. And blaming the unions is wrong. It is a poor management situation.

  • Jerry Fletcher
    June 1, 2009 9:17 a.m.

    re: More coming | 9:17 p.m. May 31, 2009

    Barack is saving capitalism from itself & the last administration. The plan is for the Federal Government to fully divest all of its shares in 6 to 18 months.

    What bothers me is that the Unions are making of like bandits.

    There was a special on CNN where some worker was whining because his kids would not be able to live at the lower end of the payscale ($13 to $14/hr).

  • Obama
    June 1, 2009 9:23 a.m.

    He's no FDR!!! Or did he mean F inancial D isaster R ock-star?

  • From one that is in Detroit...
    June 1, 2009 9:26 a.m.

    It wasn't just mis-management in these failed Automotive companies that brought them down (i.e.: GM, Chrysler, and the Auto Industry as a whole); but $3.00-$4.00/gallon gas for three successive summers, a failed banking industry, and a very corrupt UAW...hum, it make you wonder who is running the show behind the scenes... You never hear anything but: Detroit hasn't been making what the people want...Oh really? Why were we able to sustain a demand for nearly 16 million SUV's, Trucks, and the kind of cars we've been driving for the past 20 years when the economy was good???...BECAUSE THAT IS WHAT WE WANTED!!!! Now we'll be driven to buy 4-door yugo tin-cans (in the name of global warming) that no one will ever buy! So how does that "Stimulate your wallet" ???

    Anyone that believes any of the "bull-cookies" that the Dems are spoon-feeding us about: "global-warming this and "please think green" that is just plain stupid! Wake up America, NOBAMA is destoying this country faster than you can wistle dixie!

  • Jerry Fletcher
    June 1, 2009 9:26 a.m.

    re: Anonymous | 9:00 a.m. June 1, 2009

    //And blaming the unions is wrong. It is a poor management situation.//

    No, its not wrong to blame the Unions. They and the management are both to blame.

    Here is what gets me. The media saying that GM needs to build small cars like that should be their exclusive objective. NO!

    There need to be less compacts, subcompacts, Humungous Trucks/SUV's. There doesn't need to be anything larger out there than a Suburban and those s/b rare. Same goes for Aveos, etc...

    What GM needs to do is build reliable, dependable mid size cars and trucks i.e. Cadillac CTS's, Buick Lucerene's, Chevy Impala's & Malibus, & GMC Canyons.

  • Anonymous
    June 1, 2009 10:01 a.m.

    Good think the federal government didn't pour billions of dollars to those car companies, because they are too big to fail and go into bankruptcy.
    Oh wait.

    I guess the politicians will be sending out their apology press releases to explain why it didn't work.
    Oh wait.

    If you want to know what wrong with this country, look to the "leadership" in Washington DC found in congress and the White House.

    PS you can find lots of "leadership" problems both this year AND last.

  • Who said months ago. . .
    June 1, 2009 10:08 a.m.

    . . . that the automakers would be better off going through bankruptcy before they accepted billions in bailout money that did nothing but go down the rat hole, and who was criticized routinely in the press for such an outrageous idea? Oh yeah, that would be Mitt Romney.

  • who to buy now
    June 1, 2009 10:14 a.m.

    I have always bought american...but will not support government motors or chrysler... running out of options.

  • Obama
    June 1, 2009 10:25 a.m.

    Buying a new Govt Motors Auto is just doing business with the DMV.....next up DMV Healthcare!

    Obummer out in 4!

  • CougarKeith
    June 1, 2009 10:27 a.m.

    It's a good thing the government hasn't poured in millions of tax dollars to try and help the auto company before this!!! I know General Motors as Government Motors will be in MUCH BETTER HANDS as the Government owns the majority of the company! That will make them so much leaner and meaner it will make a HUGE DIFFERENCE! The government, the guys who collect your taxes, run the executive, legislative and judicial branches, and the Post Office! Oh, don't forget how successful Amtrak is!!! How can GM fail now!!! Wow are they in trouble or what?

  • Kargawd
    June 1, 2009 11:25 a.m.

    to "Who to buy now" I hate to even have to point this out to you but....you might ought to re think that there jethro. YOU OWN THE COMPANY! Are you kidding me!? Think man, Think.
    If you're biggest concern is what brand you should buy next...my guess is that it will be the same brand you drive now...OLD and WORN OUT, with a great radio and at least 3 mag wheels(savin up fer the othern cuz the spare was on'er when ya took'er home, guy befor you musta sold the other mag one huh)My goodness use your head bro.

  • Jim Matheson
    June 1, 2009 12:25 p.m.

    It seems to me that Jim Matheson voted for the $50 Billion bail-out. Has anyone asked him how we are getting that money back?

  • Anonymous
    June 1, 2009 12:58 p.m.

    This is wrong. Government cannot buy businesses. It needs to stay out of the private sector. I can't run social security, welfare, a post office, how will gov. run a car company.
    Where's the billions in bail outs. This is a black hole an it is wrong.

  • keeeeeth
    June 1, 2009 1:06 p.m.

    you should stick to sports commentary ... seems to me you might understand that better than you do economics..

  • To Craig
    June 1, 2009 2:19 p.m.

    Craig said, "Obama motors is doing nothing to reduce union expenses."

    That is not true. A simple reading of news reports would show you that the president required stiff concessions from the union, and the union agreed to them.

    It is clear that many on this board are prejudiced against the president. This type of mindless hatred will weaken our country.

  • RE: Anonymous | 9:00 a.m
    June 1, 2009 4:35 p.m.

    Of course Union ataleast partly to blame,

    UNions are nothing but big businness themselves, with CEOS's, big shiny buildings, lawyers, lobbyists, etc,

    whose product is labor,

    all they care about is gettng whatever they can for their "product",

    and they do not care who get hurts,

    they do not care about their "product", the laborers who work for them,

    they do not care about businesses who "buy" their labor.

    The unions CEO's and corporations, only care making a profit.

    So yeah, they are partly to blame.

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