GM to reorganize in government-led bankruptcy

[TheWatcher]

Source: Yahoo Finance

WASHINGTON (AP) -- General Motors Corp., the century-old automaker battered by the economic downturn, mounting debt and management problems, will file for bankruptcy Monday.

The move will give the government a 60 percent ownership stake and an unprecedented role in reshaping the auto industry.

It will be the largest industrial bankruptcy in U.S. history and the fourth-largest overall.

President Barack Obama planned to announce his support for General Motors as it enters bankruptcy protection, vowing to provide billions more in government aid and protect the taxpayers' investment without interfering with the company's day-to-day operations. GM President and CEO Fritz Henderson was holding a news conference in New York immediately following Obama's address from the White House.

Read more: http://finance.yahoo.com/news/GM-to-reorganize-in-apf-15395402.html?sec=topStories&pos=main&asset=&ccode=

---

And yet The Dow Futures are up +126 and everything is Puppies and Rainbows.

We are beginning to make the last Days of Rome look like REFORM.

This is utter insanity.

But hey, now we'll be spun around like tops until we are drunk on the latest Propaganda fairy dust that "It can't get any worse than this, Things can only go up form here or get less bad than they were before, etc, etc, etc, etc.

Oh but it's all so good, and it's a New Birth For The Auto Industry.

The pain will be minimal.

Nothing will happen as usual, and all Playoff Games and Reality TV Pre-Scripted Outcomes will go on as scheduled, and the comfort you have demanded which is now mandatory will continue unabated, so your state of euphoric, opiate like stupor will not be affected in any way.

:eyes:

From here on out, ALL media stories should be tested for Heroin Content.

On Edit: Blue Horseshoe LOVES Auto Industry Bankruptcy.

Paging Dr. Gecko. You're needed in the Greed Ward.

[Hugin]

1. Yeah, maybe this is an explanation for the closing madness on Friday. nt

[TheWatcher]

2. And apparently the opening Madness today.

I mean, come on Hugin, you're not one of those tin-foilers that doesn't believe in "The Recovery" are you?

That's Unpatriotic, Undemocratic, and just plain MEAN.

What does it take to get your doubting Thomas ass to realize that NOTHING signals a complete and Total return to Economic Dominance than an event like this?

Don't you understand history? Don't you understand Ponzi Shell Game Economics?

It's the BEDROCK of the underlying foundation of Prosperity in this country. *cough* *cough* For the 1% *cough* *cough*

Look, you're a good guy and all, and I don't want to have to report this to Dr. Cocteau, but this kind of subversive reasoning is what is going to get Democrats called bad names and feelings to be hurt.

You might even upset Obama's Puppy.

Now, get in line, start thinking straight, get some breakfast at Taco Bell and Be Well. :)

Oh, and I forgot:

:sarcasm:

[Ghost Dog]

3. .

...News that General Motors Corp (GM.N) would file for Chapter 11 bankruptcy protection later on Monday failed to dent risk appetite, with European shares up 1.9 percent .FTEU3 as commodity prices rose, with oil at a near 7-month high CLc1.

"GM has been a headache for the markets for a while, and the fact that a deal is being reached is seen as a positive because it removes a lot of uncertainty," SEB currency strategist Johan Javeus said.

/... http://www.reuters.com/article/marketsNews/idINL153024920090601?rpc=44&sp=true

[TheWatcher]

4. Yes, it COMPLETELY removes the uncertainty of whether this "Recovery" was full of more shit than

the entire LA County Sewage System.

All doubt has safely been REMOVED. :)

[regnaD kciN]

5. "What's good for General Motors is good for the U.S.A."...

Anyone else remember that Golden Oldie?

[skoalyman]

6. so goes GM so goes the government straight into default

:scared: