It's official....

[MICHDAD1]

General Motors is now Federal Motors.


"Under the deal, the US government will own a 60 percent stake of the company, in return for injecting 30 billion dollars into the "new GM" on top of nearly 20 billion dollars already loaned to the ailing firm."

"Some industry observers warn a bureaucracy as vast and slow-moving as the US government is ill-equipped for nimbly navigating commercial markets."

http://www.google.com/hostednews/afp/article/ALeqM5hwYG3cfhiW8Xw6CYbGyGIQSbrteg

[Mike Furley]

Socialism is a philosophy of failure, the creed of ignorance, and the gospel of envy.

- Winston Churchill

[gator]

I know some here would look down on buying a foreign vehicle over American, but I just can't support that philosophy (socialism). If enough people refuse to buy these cars, maybe the government will finally realize what has been so blantantly obvious from the start....they should have gone bankrupt. I want to support American craftsmanship, but I want to send a message that I don't support government controlled businesses. I think the latter goal is of greater importance if we ever hope to grasp control of this country again.

[amazinblue]

The Federal Government has taken the next step to implement their program of "total rule". Obviously, we've heard that after the Sotomayor confirmation, the next major initiative will be to provide national healthcare. With what's happened at GM - the government has their first step in the healthcare enrollment program - I'm guessing the federal government will now provide healthcare for approximately 400K GM employees. Chrysler will probabaly try to get into the deal as well.

The overarching concern I have is this. What criteria does the government use to determine "who" gets bailed out and who doesn't? My personal opinion is that the root cause of the demise of the US auto industry and decline in the worldwide auto industry is based on the unwillingness of US financial institutions to provide credit to those interested in borrowing money to purchase a new vehicle. I'm trying to figure this out - the US government has given how many trillions to the US financial services industry - and those firms have basically been hoarding the money - refusing to lend it to anyone. I'm guessing there's a "master plan" behind this - I just don't understand what that master plan is...

I know there are many who feel that a full bankruptcy is the "right" thing for GM and the country. I respect those that have that opinion. GM certainly committed many faults in its product planning and infrastructure. But, this downturn isn't limited to US auto manufacturers. I believe that the venerable Toyota Motor Company has suffered rather large financial losses as well.

There's no doubt that the healthcare industry is in the sights of the Obama administration. I wonder what the solution they propose to "save America" will be for that.

[Mich97c]

The Federal Government has taken the next step to implement their program of "total rule". Obviously, we've heard that after the Sotomayor confirmation, the next major initiative will be to provide national healthcare. With what's happened at GM - the government has their first step in the healthcare enrollment program - I'm guessing the federal government will now provide healthcare for approximately 400K GM employees. Chrysler will probabaly try to get into the deal as well.



I thought it wasn't national healthcare but a national insurance plan, meaning if you enroll you still have to pay a premium. The thinking behind it is since you would have such a large group the premiums would decrease plus since more people are covered healthcare costs would decrease since the burden of the uninsured is lower. Not sure if it will work in this day and age.