GM Files for Bankruptcy
General Motors has filed for federal Chapter 11 protection. Official papers filed in Lower Manhattan court at 7:57 AM list $82.3 billion in assets vs. $172.8 billion in debts. The bankrupt automaker’s largest creditors are the Wilmington Trust Company ($22.8 billion in debts) and the United Auto Workers ($20.6 billion in employee obligations). Judge Robert E. Gerber has been assigned the case. The President of the United States will address General Motors’ insolvency in an official announcement later today. Meanwhile, a Rasmussen poll [via the Detroit Free Press] reveals that only 21 percent of likely voters support government aid to GM. Some 67 percent oppose the Obama administration’s plan to bless the troubled automaker with $50 billion (in total) in exchange for a 70 percent ownership stake in the reconstituted company. “Given a choice between providing government funding for GM or letting it go out of business, most of the respondents (56%) said it would be better to let GM go out of business.”
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Menno, The USA had the bomb in 1945. But it had only a few bombs at that time. It wasn't until the late '50 that they had enough to defeat the enemy by bombs alone. And in 1945 the largest army with the best weapons etc. wasn't the USA but the USSR. Something you don't hear on discovery but is obvious the truth
@ KatiePuckrik Whilst I agree that it is immoral to allow fascism, you talk about socialism in the same vein, which I cannot agree with. Socialism can work and does work, provided it is executed properly. One only has to look at France, the UK (believe it or not) and pretty much the whole of Western Europe. None of those countries are socialist, not even close. Socialism is a transitional phase to communism. Likewise there are no, and never were any true communist countries; all "communist" nations were actually socialist as none achieved true communism. Soviet president Brezhnev even mentioned this in a speech referring to the USSocialistR. One of the most important traits of a socialist state is that it is a dictatorship (read Marx). So simply be being democratic and holding elections, exludes a state from being socialist.