Palo Alto Daily Post
The Obama administration plans to take the next step in its efforts to resuscitate the American auto industry, sending General Motors, the storied manufacturer, into bankruptcy protection this morning.The court filing in New York - will mark the end of financial independence for the 100-year-old industrial leviathan that once conflated its interests with the country's and that employed more than 1 million people, counting jobs at the company and at its suppliers.The purpose of the bankruptcy is to restructure the automaker, as the government has been attempting do with Chrysler, having GM emerge from the process smaller, with fewer brands, less debt - but also more viable.
We owe $11,326,098,943,773. The deficit will hit $1,000,000,000,000 trillion in the 2009 budget year. It's a drop in the bucket compared to what we owe and how much more we owing every year. The politicians are all preaching everything's hunky-dory, everything is recovering, everything is good, then you know they've got to be lying. Somebody's lying, because it couldn't be that good with all these huge corporations and governments folding and going bankrupt!
Ted Rudow III,MA