Black Monday for GM and others.

Now Obama can tell the auto makers what kind of cars to build.
Let's start building Mini Death Trap Cars.
Cars that no one wants, that cost more money.
But you will need them because the fuel standards are going up.
And Cap & Trade will increase gas prices.
And if that is not enough, the gas taxes will go up. Wait and see.
All in the name of weaning our self from OPEC oil.
Don't believe it! We could drill for oil here, in the US.

But Obama and his left wing base doesn't want to.

"the corporation" to bar small-car imports from overseas."
This is just what Obama wanted.
"But the benefits for GM are illusory because the import limits mean the company will have to spend even more to retool its domestic plants to make the little green cars that President Obama and Congress are demanding. No one knows if Americans will buy such cars, even if GM can make them competitively in the U.S." As I said!
http://online.wsj.com/article/SB124381255295170405.html#mod=djemEditorialPage
Rick Wagoner saw it and got fired.
And no one has heard from Rick since.
I and others warned of Obama's Nationalization.

"The motives for nationalization are political as well as economic. It is a central theme of certain brands of 'state socialist' policy that the means of production, distribution and exchange, should be owned by the state on behalf of the people to allow for rational allocation and operation, and rational planning or control of the economy". Wiki
There is another name for it..............Marxism!
You were warned.

GM Files for Bankruptcy Protection

DETROIT -- General Motors Corp. filed for Chapter 11 bankruptcy early Monday, marking the humbling of an American icon that once dominated the global car industry and setting up a high-stakes gamble for U.S. taxpayers. (See the Chapter 11 filing.)

Hat in Hand, GM Arrives at Bankruptcy Court

1:56

President Obama is expected to defend General Motors' bankruptcy plan and the massive bailout. The reorganization plan will call for a huge infusion of U.S. tax dollars, but the White House hopes the company will survive. Video courtesy of Fox News.

The bankruptcy filing, made in the U.S. Bankruptcy Court in Manhattan, marks the climax of a lengthy debate over the auto maker's future after it sought a bailout from the U.S. government in December to stay alive. In the end, GM couldn't complete its restructuring out of court and filed for bankruptcy-court protection to get billions more in aid from U.S. taxpayers.

The question now facing 56,000 auto workers, 3,600 GM dealers and the Obama administration: Will it work? http://online.wsj.com/article/SB124385428627671889.html

Firing Wagoner Became Necessary for CEO in Denial (Update1)

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By Jeff Green and Doron Levin

June 1 (Bloomberg) -- Rick Wagoner arrived at the U.S. Treasury building in Washington for another appointment with government officials about the survival of General Motors Corp. It was March 27, almost nine years after he’d taken over as chief executive officer. By this spring morning, the company had lost $82 billion and had spent $13.4 billion of taxpayer money.

He’d been summoned by Steven Rattner, the Wall Street dealmaker running President Barack Obama’s auto task force, which is forcing GM to file for bankruptcy today. Wagoner had come prepared to discuss his latest plan to justify even more federal aid.

What he didn’t know was that Rattner’s team had decided it needed to break GM in order to fix it, and Wagoner was standing in the way. Wagoner was unwilling to consider bankruptcy in order to wipe out the $46.5 billion of bank and bond debt GM had at the end of 2008, break dealer contracts and radically reduce labor costs.

Rattner asked Wagoner for a one-on-one chat in his U.S. Treasury building office. He told Wagoner it was time to step down.

Wagoner returned to the meeting room and told Chief Operating Officer Fritz Henderson and Chief Financial Officer Ray Young, who were waiting, that he was fired. Henderson and Young were as shocked as Wagoner when they heard the news. Some board members were furious.

“I want out,” said one GM director. “When they made the decision to fire Wagoner without talking to the board, that did it. We had a conversation with Rattner. I told him it’s our responsibility to pick the CEO.” http://www.bloomberg.com/apps/news?pid=20601087&refer=home&sid=aPSsqtu_9M0c

Goodbye, GM ...by Michael Moore

I write this on the morning of the end of the once-mighty General Motors. By high noon, the President of the United States will have made it official: General Motors, as we know it, has been totaled. http://www.michaelmoore.com/words/message/index.php?id=248

Mikie Moore is happy, the same person that thinks Communist Cuba is great.

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