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DETROIT » With General Motors' long-anticipated day of reckoning a little more than a week away, nearly all signs are pointing to the wounded auto giant limping its way into bankruptcy court, but experts say that might not be as bad as once expected. Car and truck buyers, they say, may not be as fearful of Chapter 11 as once thought, as evidenced by Chrysler's stronger-than-expected sales in the two weeks after it took the dreaded step into court.
A company, the second largest auto maker in the world, which employees tens of thousands of people, has thousands of suppliers, trucking companies and dealers dependent on their products; dependent retirees who invested in their common stock, preferred stock and bonds; municipalities, counties and states along with unions and pension plans who bought their corporate bonds and preferred stocks also, are all being told by a bunch of “analysts” that a GM bankruptcy will not be that bad. So the eighty year old man who was dependent on the regular payments from his GM corporate bonds that now has to compete against the other 10% plus of people in his community for that bag boy job at the local grocery store is being told this is not that bad. The grandmother who now has to decide if the Friskies Beef and Chicken meal will be for her cats or herself is being told that a “GM bankruptcy may not be all that bad.”
here will be a massive increase in senior citizen suicides as a consequence of the shabby treatment stock and bond holders will receive from this government due to a General Motors bankruptcy filing. You heard that here first, remember that dire and sad prediction.