Monday, April 13, 2009

GM Headed for Bankruptcy

The Treasury Department is directing General Motors to prepare for a bankruptcy filing by June 1, despite GM's assertion that it could still reorganize without such a filing, The New York Times reported unnamed sources as saying on Monday.

Members of President Obama's automotive task force are said to have been in discussion with GM officials and its advisers in Detroit and Washington last week and are expected to continue this week.

The White House-appointed autos task force has given GM 60 days to come up with a restructuring plan and it is trying to determine whether the automaker can be a viable company.

Quoting sources who had been briefed on the GM plans, the Times said the goal was to prepare for a fast "surgical" bankruptcy.

Most of the conservative blogs that I read have pushed for bankruptcy from the beginning.  Liberal blogs that I've watched have pushed for the bailout money.  I hate to say "I told you so," but ....

No big deal, I guess.  It's only 30 or 40 some billion dollars down the drain. It's taxpayer money, so the liberals don't really care.


James Wolfer April 13, 2009 at 11:25 AM  

I care!! But I guess I'm only liberal on a few things, I'm not a "true" liberal.

But many liberals I've read have ALSO been pushing for bankruptcy and not for bailouts. They pushed for the stimulus packages but the blogs I read are TICKED that we've been throwing money at banks and wall street and AIG and automakers...let 'em fail. Something better will take its place.

Anonymous,  April 13, 2009 at 12:21 PM  

I thought the money was to keep them from going under. Shows what I

Anonymous,  April 13, 2009 at 12:27 PM  

Fuzzy I thought the same thing, it would have been nice if they did this a few months back. It would saved us a bundle of cash,that now our kids have to pay back.

James Wolfer April 13, 2009 at 1:34 PM  

One disappointment that those of us who voted for Obama have is that he continued the bailouts started by Bush in both AIG and the Automakers. We thought he was gonna change that.

Miss T.C. Shore April 13, 2009 at 5:22 PM  

I'm not sure how you can be "disappointed" that Obama continued the bailouts. He was vocally and emphatically pushing for the bailouts (particularly of the auto industry) before the election, and urged Bush to give the Big 3 billions of dollars right after the election. This was not a change in policy or direction for Obama.

One of the criticisms I have of Obama voters is that they voted for "change" but Obama never really clarified what kind of change he would bring. Now that the "change" has come (actually, it's mostly a return to business as usual in Washington), folks seem surprised.

James Wolfer April 13, 2009 at 5:40 PM  

I'm not surprised. Just disappointed. I haven't seen politicans keep their promises in my lifetime.

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