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Very interesting how the current administration is being blamed for the past 30 years of greed. Maybe if the individuals that ran the companies for all of these years placed the profits into secure accounts for all of the promises they made to the workers they wouldn't be in the position they are currently in. Maybe if the individuals in charge learned from the oil crisis in the 1970's like the Brazilians did they wouldn't be in the position they are in. By the way the hybrid vehicles that are currently in production are made by GM. What the current administration has done by trying to provide support to the automakers is to live up to the promises made to the workers for the one commodity you can never recapture, TIME!

I can not dothis any more their are just too many stupid people here.

Hey Dawn if Bush would not have done it stupid people like you would have see right wing nuts are against the working man you are just like the rest of the idiots bend over baby here it comes. And i will say this if the truth was staring you in the face idiot liberal would still blame bush hell after O gets done screwing up everything it will still be Bushes fault.

if anyone wants to see the must stupid statement go read the one that sarah sent. hey baby bend over and grease it up because you are the stupid idiots i talk about. dumb liberal.

If it was Bush who was doing this the union idiots would be screaming that the rich repulican are screwing the working man you dumb ass liberals need to wake-up its the democrats who screw you and not the rich repulican Bush should have let both company go belly up then we would not have this sicking display that the prez and his liberal cohorts are pulling on Monday to show you how much they care. All i can say is turn around and grease it up because here it comes idiots!

What about that "hope" and "change"?
Not what you expected huh?

You doing a great job Mr. Resident of bankrupting the United States and it all started when your party took over in 2006. 2010 the adults will be back.

Yet another victim of Bush and the Republicans leadership for 8 years like the rest of us. I guess GM would be considered 'collateral damage' to the Republicans, huh? President Obama has tried to help and I hope that this will give GM the ability to come back stronger in the future, somehow.

Its not a question whether the cars are made in Mexico or Canada actually the cars are well built. Its the fact that there has overabuse ,greed mass at the expense of previous Republicans behaving like Socialist, I say these idiots brought the world economy to a standstill. Beside GM past management lost its sense of Americans wants, so the Japanesse are more American than GM since America wants Quality. Totally disgusting Republicans and excessive GM/Corporate greed and religious hooplah.
Complaint by the Independant Conservative

During Obamas transition to the White House, he met with Bush and asked him to bailout GM. Bush did not bailout GM, he left that problem for Obama admin to deal with. Economic freedom under assault – Obama forced GM CEO to resign. Cradle to Grave Socialism. This is why dictatorships always fail next to free markets. Obama has no clue what hes into, and naive to the challenges. Obama and libs in DC is heading towards harsh lessons: They are the servants of the people, not the other way around.

People can try to blame President Obama for coming out and explaining to the American people what is going on with GM all they want to. It is his job during these difficult times to explain to us why one of our biggest manufacturing companies has failed and what is going to happen to it. Would the same people who criticize Obama for explain this situation to the American people rather he do what Bush did when our economy collapsed and just give a two minute speech from the Rose Garden, not take any questions about it, and not give any more speeches about what is being done to fix the problem? I wonder what they would say then.

Well done, another trillion dollar write off.

May God have mercy upon each one us !

Seems like most people posting here are uninformed, as usual. Pity. But the point of this is for people to vent their frustrations so they feel better so they can go back to their docile useless existences.

If the car makers would have jumped OFF the HUMMER bandwagon after two years, they would not be in this mess. We lived in car country from 2001-2004, and we saw the too big vehicles being driven short distances all the time. Who exactly needs all those GM trucks and gas hogs? When the technology was available, they should have at least diversified enough to make a hybrid 10 years ago. There was, and is, a market for smaller cars and good mileage.
Had the car companies used a better business model, there would not need to be mileage requirements put in place by the government. it isn't even a question of greenhouse gases, it's just a question of being intelligent. Why use more than you need? I don't have much sympathy for these folks...and the workers? Well, I'm sure the union is taking good care of them...they pay dues, and when they are laid off, they get a good percentage of their pay anyway.

GM Bankruptcy is based upon Basic Principles of Econmics.

Spend more, Earn Less = Bankruptcy

Export less, Imprort more = Trade Imbalance

Over the years I had work with numeral company under bankruptcy and all the while it kept food on my family table. Just think of all the family thoughout this country depend on GMC for there family livleyhood!

I love it......the UAW voted for Obama and he stuck it to them GOOD!!!!

I have it on good authority that joe biden wants to ressurect the edsel..let it operate for six months..take a federal bailout and go bankrupt..then the messiah obumbler can say he created 50,000 new jobs..leave it up to good old joe..of course with obumbler at the helm of government motors maybe he can just name a car after joe..

Are we even going to have another election in 2012 or will Obama appoint himself KING for the rest of his life? He will make it so that the public won't have anything to say anymore. He will dictate what type of car we drive, how we live, and whether we are deserving of health benefits. All old people who need surgeries will be out in the cold. What did the people vote for in 2008? The life we knew will no longer exist.

Thank you to Obama and the rest of the retarded Democrats who pushed a stimulus bill to bail out banks, GM, Chrysler, etc even though most economists said it wouldn't work. Thank you for not allowing the auto industry to file Chapter 11 months ago and instead shoveling my children's tax dollars into their inept hands. Thank you so much for taking a few days to push through a bill, instead of taking a long hard look with lots of investigations. Thank you Mr. President for blindly signing a bill that you were ignorant of (shocking huh?).

But hey, the stimulus bill will still help give cable TV converter boxes to the less fortunate (we absolutely need this for the stability of our economy...Opra needs her ratings) and Nancy Pelosis's but frog project will be ok.....we hope.

For all of the bashing you have done on Bush for his misspending, your Messiah is shattering those numbers in his first year and the money is slipping down the toilet. Oh yeah, he is also gonna pump billions into a foreign war....just a new location.....love you guys....

and they're starting off by laying off 21,000 workers--I guess that will teach the UAW about backing Obama in 2012-

Is he going to announce the bankruptcy of his car company before or after the squanderin of $10's of thousands of dollars to take the American-hating First lady(?) to eat in NYC at taxpayer expense?

Liberals sit back and suck it up....and are so smitten by the pupper master...now, GM, after the financially incompetent Obama has soaked billions into it....will reorg like they should last year...and then obama, will pour in more money to make green cars, while he raises gas prices on the rest of us to try and coerce us to hybrids..(which pollute with their huge battery waste, by the way).....such a clever hand played by the street organizer...

You know me and the posse,

You can't blame President Obama for all the woes in America......The word on the street is that FP Bush was aware of the meltdown, but was hoping to keep it under wraps until he left office and let Pres. BO take the blame......Although he (President Obama) is still getting a bad rap for trying to sweep all of the dirt from under the rug, he's doing a wonderful job....McCain would have caved in the first 30 days with a nervous condition and we'd be stuck with Palin, who would have had US fighting the conferacy of Texas, fighting Somalia for letting pirates board an American vessel, and her kids would be going to school in the official helicopter, to name a few disasters we'd be suffering through....Thank God for shrewd savvy voters and President Obama........

GM and Chrysler will be fine.....All things tend to work out for good......

Wow! Another Obama "success" story!!!!!!!!!!!!!

No one is blaming the responsible party here...the UAW refused wage and benefit concessions. Years of going on strike for higher wages, and electing the mafia to represent them,and investing pension money in casinos, finally killed GM. They bled it dry....

Some people may say that Obama is meddling. Heck, we have put substantial amount of money in it. Might as well help to make it work and help it be successful. At least Obama remains engaged and tried to be helpful rather than 'disengaged' and 'not my problem' attitude. Of course, this is a philosophical difference. I like to live in 'caring' country. Is this 'socialism' that Republicans are complaining of?

Bet the men at the top of GM take their bonuses before all this happens.

Everybody's asking "Why is obama making the announcement?" Ever heard the phrase - "As GM goes, so goes the nation?" This is an enormous failure which have huge impacts on every sector of this nation. I would expect no less than for the president to make a statement on something so critical.

I am going to remember the shabby treatment the politicians doled out to GM while bailing out all those greedy banks ! GM is about as American as any entity in this country and deserved better! So all you dopes go ahead and buy from the japs etc. See how they will put forth in defense of our homeland as GM did in several conflicts. GM goes how far behind is the rest of the country?

Some important things to remember: Without the government's support, there would be no more GM. Every person on that assembly line, each of their families, would be unemployed as of tomorrow. Now, if you support that happening, then fine.

Second, government investment in private companies is nothing new. Amtrak, every airline, farm subsidies (including payments made to farmers NOT to plant something - talk about hypocracy. Farmers love their subsidies but vote against the party that will increase them), have been around for decades. What's different here is that the government made a bankruptcy demand in order to get the funding, because GM was never going to do it on its own, which is just another bad decision in a long line of them by GM's leadership.

Third, GM is part of the Dow Jones Industrial Average. This thing has been falling like a brick for months now, pulling down the Dow Jones even as other companies have begun recovery. The Dow is what the external market sees, and is a measure of the US economy. Getting GM off the Dow is a great "visual' benefit to the market.

Finally, just maybe, do you think GM might come out of this a stronger, more competitive company?

Since we have tried to bailed out GM and owned a substantial share of it, I suppose that's why Obama is speaking and not some CEO. Why did we do it? Well, during the campaign – he has said he doesn't like this 'you're on your own' mentality. We are our brother's and sister's keepers. I voted for him because I like this notion – 'we are our brother's and sister's keepers'. He doesn't want to control, but if they need help, he will try to help. That is his core principles. So, GM wasn't strong enough to come out with all the bail out money, but they know we are trying to help them, not leave them out in the cold as in the 'you're on your own' mentality. It's not just the money, it's the spirit as well.

Wait, what? since when is it the responsibility of the President- a PUBLIC position- to make announcements for GM- a PRIVATE company?

Doesnt GM have its own president?

And Im not saying this out of sarcasm- I am truly wanting to know because the last time a sitting president got involved in the private sector was with Reagan and the air traffic controllers and I remember all the Liberals lost their minds screaming about "here comes the new Socialism..." etc.

Course they lost their minds too when Bush was in bed with Diebold and the gulf-war businesses but how soon we forget...

Drop this single partisan nonsense and realize that Bush=Obama and vice versa.

Youre all fools.

The answer was too let the companies file for bankruptcy and for Barack Obama to stay the heck out of it. Keep your hands out of our companies Barack. You are stealing from the US and spending us into the ground.
Stop spending money. Cut the budget. Cut welfare spending. Stop health and human services spending.
DO NOT add 1 million jobs to the goverment payrolls.

Those GREEDY investors as you say that invested in the automotive companies. hahahahah.
Yep the INDIANA STATE TEACHERS UNION. those dirt bag high risk gambling teachers who invested their pensions in Chrysler and GM are losing their butts....
Good for them, too bad they are not part of the UAW they would get a piece of the company. Too bad we are creating bigger goverment and goverment control.
Look how well high taxes and high spending, tree hugging, sheltering illegals works in California. They know what they are doing as well.

Why shouldn't Obama meet with American citizens to let them know that GM is filing for bankruptcy. We, America, owns about a 70% stake in the company now. The shareholders, us, should at least be addressed.

I cant believe that we are not only allowing but supporting the president to take over our autocompanies. Just because the goverment set up loans DOES not mean they should have ownership. This is very wrong that this is acceptable to people. It is a very terrible time in the countries history.

Is the US economy too big to fail?

Yes I'm a Republican who voted for Obama.....I'm glad he tried to help Chrysler, and GM.......they both will restructure, but many jobs will be lost....One thing that is not needed are conservatives who called for allowing the big 3 to fall during the early economic turmoil of late 2008, early 2009 (which would have really crushed the markets), to act concerned about the workers now........Hypocrites!!!

Now, I must admit I have never bought American cars before. I might consider purchase one just because they are in such a rut ... but they have to make it affordable and durable, and I am not a fan of big car and gas guzzler. Can it be done? I was planning for a Toyota Prius, what's the equivalent for American car?

i cant believe bush is still getting included on these blogs, obama partied in new york and went on 3 of our corporate jets but it's just fine for this great company to file bankrupcy and put more workers out of jobs, just think of all the other industries that will be affected as well, like tire companies and many others

ML and others who believe the President has no place in announcing this. GM is having a press conference to announce the bailout. The president is not making the announcement. He wants to clarify to people what the bankrupcy means in terms of employment etc. Last time I checked, people want the president to discuss employment issues.

Pres "O", you not CEO of GM. Nixon/Ford was there and not get do right. Carter, Reagen, Bush Sr, Clinten, and Baby Bush. Your are the Frist to say, "I Don't Cry Baby".

Gee, I wonder what all of the GM lawyers would do if they didn't have Mr obama to hold their hands for them.

So what happens to all the money we gave them?

everyone can cry,cry,cry about whats going on. we all know whats going on, Heres an idea, what if we all started coming up with and voicing solutions, for years people, our so called american big three auto makers, have farmed out to other countries, over half the parts and pieces that make up our automobiles, think of this, what if we brought back to the U.S. all of the companies our corporations have been allowed to move to other countries, only for greed. All the stimulas money that did nothing at all,but make a hand full of very rich people even richer, could have funded 1000's manufacturing plants, and at the same time drop our unemployment lower than we have seen it in a long long time. Its time to stop stimulating the economy of every other country on earth, wake up lets been it back to the UNITED STATES of AMERICA

Well, so much for the bailouts precluding the bankruptcy we couldn't afford to let happen (though President Bush was in office, this was something all of Congress thought we couldn't afford, I believe that included Senator Obama). I can hardly wait for what comes next. I'm sure the unions won't lose a dime, but those greedy investors that put money in the company will no doubt be forced to settle for a pittance of what they put in the company. It's only fair afterall, that's the risk they chose to take. I'm seriously wondering what people will want to risk an investment in. Banks can lose, an industry can lose, where's the incentive? Also, why is President Obama announcing this and not the CEO of GM? Isn't it still a private company? Well, until the announcement I guess.

Mr. Obama, stop acting as though you are Emperor. A corporation filing for bankruptcy protection (even if it's General Motors) is a corporate decision, not a political decision. Yes, you gave GM millions and millions of the taxpayers money – for that, you should be ashamed. Your attempts to subvert contract law are becoming more and more clear; your intention to nationalize all business is wrong-headed. If you want the economy to work, then stop governmental involvement. Regulations on actions are necessary, but if you continue micromanaging businesses, this will all end in tears.

We must gather our forces, once again, and beat down the repub party of right wing-nuts. Who is going to listen to these nut jobs who are run by Rush and Newt, the worst or the worse? Until these wacko
right wingers are booted from the repub party, the repubs will never be back in power. Let's hope they keep these morons from the far right forever.

And just how much of my tax money went to bail out general motors??..or is it government motors now..and can I write that waste of my money off on my taxes??..so what is obumbler now,the new ceo and chief designer??..socialism continues to rise and spread like the poison that it is..I hope all you dimwitocrats are happy you voted for this bumbling buffoon

What arrogance to think that it is the responsibility of this preseident to annouce the Bankrupcy of GM. His medding in Private Businesses is out of control. Or should I say a way for him to grab more control.

Is the GM Obama HyBrid on the way? Just like a hybrid Obama is powered by two different paths, The one reads off the teleprompter, and the one he actually makes happen.

He has no place in this.

GM ceased being a private sector corporation the second they took our taxpayer money.

Now we, the taxpayer, own 70% of GM and as owners the American taxpayer has a 70% say in this matter.

GM is a prime example of a US corporation run into the ground by incompetent leadership so stop trying to lay the entire blame on the unions.
Unions did not design GM's crappy cars or push GM's gas guzzling pigs while gas was going through the roof. BTW – have those of you who are old enough to remember sitting in gas lines during the 70's shortages seen any change in US automakers products or "vision" since then?

Why the heck is the President of the United States announcing the bankruptcy of a US company? It just shows how far down the path of socialism we have come in just a few months.

It's Obama arrogance at its best. The man thinks he knows more than anybody else on any topic. He thought Wagoneer couldn't run the company, so they forced him out. Good to know that the "change of direction" only prpolonged bankruptcy a few months and cost you and I billions more dollars. I'm sure all this is Bush's fault though.

You right wing zealots are calling Obama a socialist for trying to rescue the free market. First, who started the bailout of Wall Street, the banks, AIG, and the automakers? I believe it was Bush and Paulson. It was greedy free marketeers who brought the free market capitalism to its knees with Republican support.

You wing nuts clamor for self regulation and say the free market will take care of itself. Well, explain why the free market is broken. The Republican idea of capitalism is to socialize the risk and privatize profits. I don't think the taxpayers will buy that strategy.

Why don't you neocons do something useful instead of trying blame Obama for the problems the Republicans caused. It was Republican greed that caused the problem along with Republican off budget spending and irresponsibly using the national credit card. Republicans are the ones who are destroying our children's and grandchildren's future by saddling them with huge debts, not Democrats.

Socialism and Cronyism at its worst
"By the end of Obama's term. China will own 35% of the United States and we will all be speaking French"

Sorry but Bush / Cheney put us where we are before Obama. They threw money to the war machine and their cronies. At least Obama is trying to spend it here. If we were French we would have the #1 rated health care system and our children would be guaranteed an education.

More troublesome than the bankruptcy is BHO, the new CEO ( aka our chief mesiah), is makeing the announcement. This deal has Hugo Chavez written all over it. No more GM or Chrysler for me, my business will go to Ford or the Japs.

Why doesn't the CEO make this announcement?? Oh yea, Obama IS the CEO, never mind....

GM has made terrible business decisions for the last 20 years, does this come as a surprise to anybody? They should have went into bankruptcy years ago to renegotiate and start producing cars with more than 12 MPG and sustainable deals with their unions. I'm curious to see what happens with Ford.

If they would build more inexpensive cars maybe people will buy them. But I understand what goes into the cost of a GM car. Labor 25 dollors a hour I guess. And don't forget we have to pay for their medical cost till a worker dies. And what they even get their almost full salary till they die. GM give me a break with your old guide lines, and the goverment forcing you to build a better gas milage cars. Middle class still will be unable to afford your cars........... Just fold up know.........I'll just keep driving my VW.

Why is the President of the United States making this announcement? Companies go in to chapter 11 all the time without the President making the announcement.

all of those tax dollars to gm...wasted.. This company should have declared bankruptcy a year ago. GM cars are crap...did you know almost 60% of GM cars are made in Mexico or Canada? yea that's real American for yea.. I'll stick with my superior American made Honda or Toyota

Step numer one to getting "Government Motors" back on its own two feet is to get the UAW's claws out of it. The unions have totally destroyed the auto industry in this country.

Good thing we gave them all that money, just to have them file for bankruptcy anyway! Which is what they should have done right from the very begining! One HUGE waste of time, money, and energy in my opinion! It's obvious that our Government suffers from one collective "brain fart" after another and I for one am quite tired of it!

Here we go again calling Obama a Socialist, do you know anyone who went bankrupt? Are they socialist? Welcome back Sen Joe McCarthy.

GM is filing bankrupt is because if YOU, right wingnuts remember Bush bailed out the Auto makers and they were to restructure or belly up, Obama wants this Big three to succeed, but that is about 30 odd years too late. Remember the oil embargo, the three were to make gas efficient cars, well that did not last too long.

Going Bankrupt is to restructure and to make better cars and yes i do feel bad about the workers, but even under a Bankruptcy you can continue business as usual.

To Proud DHS- Bush had been giving GM money for a full 8 years since he was in office. If he had been hard on them then, maybe they could have been spared from filing bkrupt. during a reorg.

it will all come out in the wash. despite all the sideline critics. the hope is that the industry and this country learns from this. in the meantime it's us worker bees that will really pay the price. still.....

When workers at a US company (UAW) get a bigger slice of the pie then unsecured bond holders, then the law of this country has been broken. What is Obama is doing is wrong, and by paying off the UAW for their support, he is hrting countless millions of individual bond holders who by law should be in a more senior psotion than workers. This GM Cop d-Etat by Comrade Obama is an afront to the US free capital system and it will send chills and doubts to millions of would be unsecured investors of other large companies in the US. Obama is destroying our free market system for the sake of the Unions - This is wrong – it is dead wrong – it is depression invitingly wrong. By the end of Obama's term. China will own 35% of the United States and we will all be speaking French

Obama is making the announcement because the governemnt tried to help and in the end it was fruitless. i think its a responsible thing to do considering the government did get involved. and as a taxpayer i appreciate it.

I did not know that Obama was the CEO of GM. I thought he was the President of the US. This is a free capitalistic marketplace, and what Obama is doing is DEAD SOCIALISTICALLY WRONG

The is a good move for GM. Perhaps they will be able to restructure and get back to the great auto maker they once were. For too long rather than listen to or acknowledge our wants and needs they
felt they knew what was best, and they were wrong.
Our country cannot allow our automobile manufacturers go under.
It would be diasterous as they are one of what is still being mostly
manufactured in the U.S. We cannot afford to lose all industry.

And just how many billions of the US tax dollars did Obama gave GM in trying to prop them up? When the common sense thing was to let GM file bankruptcy in the first place. There should be an accounting as to where every dime this administration gave GM went to.

Presidents now announce private company bankruptcy announcements? This slide to socialism is happening at breakneck speed. Welcome to the United Socialist States of America.

I feel very bad for the workers

but all involved please understand, while no one should be out of work, the car industry has been doing a very poor job for years and years at the executive level

it is completely NOT FAIR, but a restructuring and starting over at the competitive and strategic level is necessary

is he the official ceo?