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GM files for Chapter 11 bankruptcy

Full story: Chicago Tribune

General Motors, the century-old automaker battered by the economic downturn, mounting debt and management problems, filed for bankruptcy Monday as part of an Obama administration plan to shrink the automaker to a sustainable size and give a majority ownership stake to the federal government.

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Joe

Mundelein, IL

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#1
Jun 1, 2009
 
Yet another sad example of the deteriorating policies of Barack Obama.
David

Joplin, MO

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#2
Jun 1, 2009
 
So exactly why did the government get involved and spend billions of our dollars on GM? GM is not too big to fail and neither are Obama's policies.
Blake

Bourbonnais, IL

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#3
Jun 1, 2009
 
So the Titanic is already sinking and the guy who comes by with the dingy gets the blame?
Dude

Farmington, MI

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#4
Jun 1, 2009
 
Rumor has it that Obama has just fired the engineering design team at GM is writing up some plans for the next car himself.
My GGGeneration

Lake Forest, IL

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#6
Jun 1, 2009
 
David wrote:
So exactly why did the government get involved and spend billions of our dollars on GM? GM is not too big to fail and neither are Obama's policies.
His policies IMHO are one thing and some just leave me shaking my head in wonderment. But as for GM, the result of doing nothing would be far costlier to the country in the long run. But forcing the closure of dealers? Preposterous. That's like forcing Target stores to close and saying to corporate that "you'll be better and stronger and more profitable in the long run". Say what? When the dealers are your customers, how does less of them equate to more business?
Clark Kent

Skokie, IL

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#10
Jun 1, 2009
 
brother Franklin wrote:
To those who commented before me: you're all jack$55es. Obama is president, deal with it. Your man "W" enabled this, not Obama. GM desperately needed the government's help after running their business like idiots.
Oh, your right, This is in part Bush's fault. It is also the fault of this Congress and prior Congresses. But this is Obama's fault as well.

First he was a voting member of the Senate before he was elected President.

Second, sense being elected president he has made decisions that forced more spending of our dollars on a failing company.

Also, I would like to point out to you that while GM may have desperatly needed the help, it is not the job of the federal government to get involved in private business.

Now, you say Obama is presidnet and we should deal with it... I think we are dealing with it, but it is our job as the people, the people that Obama must represent to point out what he is doing when we don't feel that it is representative of us.

God Bless the U.S.

OSD

Since: Jan 09

Lake Villa, IL

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#11
Jun 1, 2009
 
I'm a lifetime GM owner.

No more.

Anything this administration touches is going to fail.

Honda, here I come!
Disgusted

Manteno, IL

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#13
Jun 1, 2009
 
Joe wrote:
Yet another sad example of the deteriorating policies of Barack Obama.
Yet another sad example of the idiocy of wingnuts in this forum. Your communication is poor, so I'm not even sure what you mean. If you are blaming Obama for GM's problems, you are a true idiot, because GM's problems did not start on January 20, 2009. If you are blaming Obama for GM's present decisions, you are a hypocrite like your other wingnuts. Should they have simply given GM a bunch of money with no oversight, something you wingnuts are always crying about? The government stepped in to save one of the largest industries in the US and one of the few automakers in the US. May I also remind you that Obama does not make decisions like this independently but has financial advisors. Now if you have practical adult objections, make them. Otherwise you just sound like a sixth grade moron.
moreofthesame

Chicago, IL

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#16
Jun 1, 2009
 
Cara wrote:
President Obama, his Treasury I_cheat-on-tax Tim Geithner firmly assured US voters that their help for GM and Chrylser will avoid bankruptcy.
Bankruptcy is NOT an option, these leaders said again and again.
Maybe their "evil" teleprompters told them to do so.
Because both companies are bankrupt. Both are owned by a government of lots of slogans, lots of taxes, lots of cheats and to-date little to show for. Just ask the North Koreans and the Chinese.
At what point are we going to hold the Administration and Congress accountable ???
That would be classic, seeing barry blame the teleprompter. I'm sure he'll find someone to blame, the weasel that he is.
Morton mike

Moline, IL

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#17
Jun 1, 2009
 
Imagine Joe Biden selling cars on the weekend. "Sir, sir, I said I would take it 15 minutes ago."
Kevin

Northbrook, IL

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#19
Jun 1, 2009
 
When will this nonsense stop? The Government owns 70% and the Union 30%. Why didn't we just let this Automaker suffer the same consequence of any poorly run business. How many more billions will we sink into this Led Zepplin? I personally hope that all Americans will see this sham and never ever buy a GM product.
David

Joplin, MO

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#20
Jun 1, 2009
 
My GGGeneration wrote:
<quoted text>
His policies IMHO are one thing and some just leave me shaking my head in wonderment. But as for GM, the result of doing nothing would be far costlier to the country in the long run. But forcing the closure of dealers? Preposterous. That's like forcing Target stores to close and saying to corporate that "you'll be better and stronger and more profitable in the long run". Say what? When the dealers are your customers, how does less of them equate to more business?
The result of doing nothing would be the same. Chapter 11. That is what we should have done. Nothing. The bankruptcy courts have been handling company restructuring for years. They should have just let it play out.
Welcome Comrades

Carol Stream, IL

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#21
Jun 1, 2009
 
Can't wait to see the losses that Obama Motors posts the next five years.

The Obamabots are still in denial about our race toward socialism.

The state run media brainwashes the masses. The Tea Party coverage proved this beyond a doubt.

We are all doomed if we continue to take this sitting down.
Kevin

Northbrook, IL

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#22
Jun 1, 2009
 
Disgusted wrote:
<quoted text>
Yet another sad example of the idiocy of wingnuts in this forum. Your communication is poor, so I'm not even sure what you mean. If you are blaming Obama for GM's problems, you are a true idiot, because GM's problems did not start on January 20, 2009. If you are blaming Obama for GM's present decisions, you are a hypocrite like your other wingnuts. Should they have simply given GM a bunch of money with no oversight, something you wingnuts are always crying about? The government stepped in to save one of the largest industries in the US and one of the few automakers in the US. May I also remind you that Obama does not make decisions like this independently but has financial advisors. Now if you have practical adult objections, make them. Otherwise you just sound like a sixth grade ****.
Disgusted little Loon you obviously think that it's okay for us to keep pumping billions into a sinking ship. Since it looks like you think it's okay, than why don't you jump to the head of the line and give more of your dollars to this Gov. hand out almost welfare like cause so that I don't have to.
Bob Dylan

Lombard, IL

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#23
Jun 1, 2009
 
brother Franklin wrote:
To those who commented before me: you're all jack$55es. Obama is president, deal with it. Your man "W" enabled this, not Obama. GM desperately needed the government's help after running their business like idiots.
Brother - W had nothing to do with this. GM has been headed in this direction since the late 70's.
My GGGeneration

Lake Forest, IL

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#25
Jun 1, 2009
 
David wrote:
<quoted text>
The result of doing nothing would be the same. Chapter 11. That is what we should have done. Nothing. The bankruptcy courts have been handling company restructuring for years. They should have just let it play out.
That might be 100% correct, but that wasn't the route that was taken. So at this point, which is the lesser of two evils?

Lots of people on forums on this topic blame Bush for everything from our current economy to their hemorrhoids. But at some point in time here, Obama needs to have the blame placed squarely on his shoulders for poor appointment choices and poor policy decisions.
Bman

Chicago, IL

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#26
Jun 1, 2009
 
David wrote:
<quoted text>
The result of doing nothing would be the same. Chapter 11. That is what we should have done. Nothing. The bankruptcy courts have been handling company restructuring for years. They should have just let it play out.
Very true, but most don't seem to get that this is politics. Every decision made is mostly or entirely political. There are a lot of auto workers, and the unions are powerful. If he sat back and did nothing they would make him feel it one way or another.
Tax Payers Get Jacked

United States

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#27
Jun 1, 2009
 
Sounds great, we will have dumped $80B into a company and the only thing we here is that they will build better quality cars. Are they just idiots or do they just refuse to acknowledge that the prices of vehicles are too high. Lower the price down like 50% and you will sell cars agian. You shouldn't have to take on a scound hosue mortage to buy a new car.
Morton mike

Moline, IL

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#28
Jun 1, 2009
 
Disgusted wrote:
<quoted text>
Yet another sad example of the idiocy of wingnuts in this forum. Your communication is poor, so I'm not even sure what you mean. If you are blaming Obama for GM's problems, you are a true idiot, because GM's problems did not start on January 20, 2009. If you are blaming Obama for GM's present decisions, you are a hypocrite like your other wingnuts. Should they have simply given GM a bunch of money with no oversight, something you wingnuts are always crying about? The government stepped in to save one of the largest industries in the US and one of the few automakers in the US. May I also remind you that Obama does not make decisions like this independently but has financial advisors. Now if you have practical adult objections, make them. Otherwise you just sound like a sixth grade ****.
You have to be a whackjob to try to defend this joker. He says it he had to do something, it would be better than doing nothing at all. WRONG!!!!! He is such a rookie. Just like the worthless stimulus package that was going to save the world. Doing nothing was by far the better option when compared to the bold uneducated worthless steps that he forced down our throats. Be careful when using the word wingnut cause when you look in the mirror, that is all you.
lib trib

Arlington Heights, IL

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#29
Jun 1, 2009
 
Welcome Comrades wrote:
Can't wait to see the losses that Obama Motors posts the next five years.
The Obamabots are still in denial about our race toward socialism.
The state run media brainwashes the masses. The Tea Party coverage proved this beyond a doubt.
We are all doomed if we continue to take this sitting down.
agree, at least we americans can now have an honest vote. think things are bad now just wait 2years from now and see how many buyers for the obamamobile. Don't think too many. you have to be an idiot to own a GM (UAW) now !

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