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Comments about ‘General Motors files for bankruptcy protection’

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Published: Monday, June 1 2009 8:01 a.m. MDT

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More coming

There will be many, many more bankrupt companies as Obama's policies continue to ruin America!

Bailout?

Soooooooo, tell me how the future taxpayer bailout money is working out?

Should have listened to the people 6 months ago that DID NOT WANT THIS!

This is not about Repub. or Democ., this is all about politicians doing what they want, remember they didn't even read that 1,000 page 'Stimulus' bill ... They don't care, vote them all out!

Atlas

Government Motors is a disaster! Give us back our $50 billion. I have better investments. Give us our money back.

GM

GM pays out more in union benefits than it earns by selling its cars. Bankruptcy here we come! Thanks to the UAW!

To More Coming

These companies went bankrupt due to greed and mismanagement, not to President Obama. Trying to scapegoat our president for that is really lame.

Bankrupt

GM went bankupt because they can't sell their cars for enough money to pay their expenses, including taxes and government mandates.

Government is the Answer

LOL - Those greedy corporate types - you make me sick.

Obama gave you $50 Billion, and you're still going bankrupt. I can't wait for Obama to save GM, just like I can't wait for Obama to save America.

Obama is awesome. He is changing America in so many good ways. Capitalism does not work. How long till your closed minds realize this. Governmet is the solution!

Look how good things are going in China! Look at Russia, France, Sweden... you get the idea. Government will make all our lives better. Those countries really care for the "workers".

I can't wait to get my first GM check in the mail from Obama.

Obama is Awesome!!!

UAW

I hope the UAW union is dead and gone, their greed was out of control and if anyone is responsable for the collapse of the American auto industry its these parasites..

Re: govt is the answer

Look at China, Russia, Sweeden. Have you ever been to any of these places? explain to me why china and russia have so much poverty? big government doesnt take care of its people. i understand when you talk about sweeden. socialism has its perks, but are you willing to pay 80% of your income in taxes? i highly doubt it. maybe you think before you write such an idiotic comment.

wau

You're clueless and so uneducated!

Legacy Costs

Legislation was passed after the Enron collapse that requires employers (public & private) to fund current retiree benefits and put aside money for future retirees at the same time. GM has more retired employees on the payroll than current employees. It is these rich retirement benefits that are killing GM.

Foreign manufacturers in the US have not been here for thirty years, thus have no current retirement (legacy) costs. Workers in both domestic and foreign plants make about the same in current wages, retiree costs are the difference. CEOs get golden parachutes, workers get a retirement and the companies cannot afford to operate.

Obama did not create this mess, he inherited it. I wish him well trying to fix the mess corporate greed (Enron & others) created. Good luck Mr. President, you have my support.

GM had the answer

What's sad is that GM had one of the solutions to America's energy crisis, but killed it off to preserve the status quo. The solution that GM was trying to bring back, and Toyota is planning to launch next year is the plug-in electric. Yes, GM had one in the mid-1990s. It wasn't perfect, but think if GM had stuck with the car, perfected it over the past 15 years, perhaps today, GM would be in Toyota's position today -- leading the world with the cleanest, cheapest-to-operate car (yes, electricity is only 1/4 the cost of gasoline), and we wouldn't be facing the coming run up in oil prices that is now $2.50 a gallon and anaysts are predicting will be $4 by next year again. Plug-ins could be better than Priuses.

Oil dependency is the core problem facing America -- from its funding of terrorism to America's military needed to patrol oil route around the world to its gouging of the middle class. Why did GM focus on gas guzzlers post-9/11? Stupid corporate leaders who resisted demands for fuel efficiency and kept drivers addicted to oil.

AZ

So if the tax payers own 60% of GM...Does that mean that we all will get a gut of any new profits to be mad down the road?????? LOL

Craig

GM built the trucks and suvs we want. The problem is the union took to much of the money. Obama motors is doing nothing to reduce union expenses.The whole plan will fail and the community organizer will look like an idiot.

Carguy

Bottom line, it seems to me that our president snagged a whole bunch of perks for all of us taxpayers, right before he did what he was going to have to do anyways, with, or without owning 60% of GM, we were going to have to bail this company out! Without General Motors and their daily shopping list with thier suppliers, this country literally could have been brought to its roots. I'm talking about horse and buggy days revisited!
Toyota, for example, acquires 30% of its materials to build its auto's from the same suppliers that supply GM with its parts. Ford, and Chrysler also require these suppliers to help them put their cars together. Without GM these suppliers would immediately be bankrupt, leaving the other auto manufacturers in worse shape than they already are. Toyota has over 40 billion dollars in Cash...CASH! They OWN their company outright! Ask yourself what you would do in that situation??? You would cut your losses as they have stated that they would, and you would cash out before you became a statistic like your American predecessors. Plus, you get the coveted Victory in the auto game.
Thanx Mr President

How Surprising

You mean socialism doesn't work?? Shocking.

Belgie

Okay all you socialists who have been singing the unions' praises, demanding artificially inflated wages, and trying to exclude foreign products from the American market. I've got two words for you - General Motors.

And, thank you Obama, Bush, and all you other self-serving and greedy politicians for my stake in GM. Good to know that the government can force me to buy into a company that has proven its ineptitude over and over again.

Anonymous

Blaming Obama for any of this is cheap partisan garbage. This started long before the election, as did the government intervention. Comments so far are mostly made by ignorant know-nothings. Get the facts and leave your right-wing hate behind. No one wanted this, particularly the current Administration nor the Bush Administration. And blaming the unions is wrong. It is a poor management situation.

Jerry Fletcher

re: More coming | 9:17 p.m. May 31, 2009

Barack is saving capitalism from itself & the last administration. The plan is for the Federal Government to fully divest all of its shares in 6 to 18 months.

What bothers me is that the Unions are making of like bandits.

There was a special on CNN where some worker was whining because his kids would not be able to live at the lower end of the payscale ($13 to $14/hr).

Obama

He's no FDR!!! Or did he mean F inancial D isaster R ock-star?

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