White House: General Motors to file for bankruptcy

White House: General Motors to file for bankruptcy

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WASHINGTON (AP) -- General Motors, the humbled auto giant that has been part of American life for more than 100 years, will file for bankruptcy protection on Monday in a deal that will give taxpayers a 60 percent ownership stake and expand the government's reach into big business.

It would be the largest industrial bankruptcy in U.S. history, and the fourth-largest overall. In addition, a GM bankruptcy would be unprecedented as the federal government would pump billions more into the company.

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It is official GM is now bankrupt. All that keeps ringing through my head is how so many of us said that the bailouts will not work. GM recieved several billion in TARP funds to "prevent" bankruptcy. GM and the government told us that giving money to them would stop this from happening.

How many times are we going to be lied to? How many times will the criminals be allowed to steal our hard earned cash? When will we have enough?

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(visit the link for the full news article)

I was waiting for this thread to pop up, will star and flag in hopes it will continue till the morning.

I'm curious to how the markets will react tomorrow.

I'll add that I'm so glad we needed to urgently spend billions of dollars to keep these companies from bankruptcy, only for some months later to......well go bankrupt!

Currently the futures are up a decent amount. A person would think that if news like that came out the market would have a very bad day. That doesn't seem to be the pattern these days. I am getting curious as to how big of a tidal wave, not ripple effect, that we will see as a result of there only being one american auto manufacturer now. Even benchmark stocks like Alcoa should be adversly affected.

reply to post by LeaderOfProgress


All I can say is someone, i'm not sure who, is making alot of money out of the market. Somethings wrong, and by any rationality it should be down greatly.

Very bizarre.

Originally posted by LeaderOfProgress
How many times are we going to be lied to? How many times will the criminals be allowed to steal our hard earned cash? When will we have enough?

They don't listen!!! How many times do we have to say it to them. They are deaf, dumb, blind AND retarded.

Send or FAX a note to each and every congressman telling them they are FIRED! ... Simple and easy. Attach a business card of your lawyer too.

I saw that in a Back To The Future movie once... It worked then...

Work out the details later.

They will not let us fire them unfortunatly. Though it is a novel idea in my book. They just are not listening to the people.