President Obama's Weekly Address, April 24, 2010 (Video, Transcript)

Good News from the Auto Industry:

As the auto industry and financial markets begin to stabilize, the President says the government’s emergency interventions can now wind down. He pledges that real reform, particularly on Wall Street, must now begin.



Transcript

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New job loss numbers continues the bad news for the economy

The economy may be on the mend for the economists, but out here in the real world, not so much. The job loss continues, the job fairs continues to bring out folks in the thousands, many 2-year colleges are seeing a boom of older students out of jobs, unemployment continues to extend, and the phrase, "there are no jobs out there" is becoming common.

First-time claims for jobless benefits rose more than expected last week in the U.S., a sign employers are reluctant to hire and the job market remains weak.

The Labor Department says initial claims for unemployment insurance rose to a seasonally adjusted 551,000 from 534,000 in the previous week. Wall Street economists expected an increase of 5,000, according to a survey by Thomson Reuters.

Ohio reported one of the largest drops in claims. read more here...

And the auto industry went back into the dumps since the closing of the Cash for Clunkers program.

Major automakers reported September sales declines on Thursday, revealing a tough hangover from this summer's buying spree driven by big discounts to consumers.

General Motors Co. and Chrysler Group LLC posted the biggest slowdowns during the month. Hyundai bucked the trend, reporting a 27 percent rise in sales last month over last year.

"It was a more difficult month than we anticipated," Mark LaNeve, GM's vice president of U.S. sales, told reporters during a conference call."

This is back to reality for the auto industry and for some folks sad to see GM closing down its Saturn line. One of their more reliable auto lines with devoted and repeat customers. Just a shame.

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In case you missed it: President Obama speaks to GM assembly workers in Ohio (Video)

The President speaks to GM Assembly Plant Employees in Lordstown, Ohio, cheering signs of renewal in their community and pledging to keep fighting for them. September 15, 2009.


Vimeo Video

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King Rush and lackeys, "Boycott GM" (Video)

Oh brother.

Does the Republican Party want to ever make in-roads outside of the South? If they do, it certainly is not this way.

This is all about wanting President Obama to fail.

A pair of right-wing radio hosts says there's only one choice for conservatives angry about government involvement in the auto industry: Boycott GM.

"Nobody wants to support an Obama company," Rush Limbaugh told his audience Friday, citing a poll showing that 17 percent of Americans backed a boycott of GM.

"Every dollar spent with GM is a dollar spent against free enterprise," conservative talker Hugh Hewitt wrote online last week.

Conservatives in Congress and elsewhere have criticized the federally sponsored restructuring plan GM will seek to execute in bankruptcy court.

The plan would give the federal government a 60 percent ownership stake in the company; lawmakers such as Sen. Richard Shelby, R-Ala., have labeled that socialism.
The popular, controversial Limbaugh didn't outright call for a boycott, but said he understood why people would want to avoid GM vehicles. "They don't want to patronize Obama. They don't want to do anything to make Obama's policies work."

A GM spokesman declined to comment Monday.

But the Democratic National Committee, which has spent plenty of time in recent months cataloging Limbaugh's calls for the failure of President Barack Obama's economic policies, leapt at the chance to do so again.

"While it's not surprising that Rush Limbaugh would root for the failure of a national institution for partisan political gain, it is surprising that the other so-called leaders of the Republican party are silently going along with him given how many hard working Americans rely on GM for a living," said DNC spokesman Hari Sevugan.

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From the Ed Show and he is going off!!

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GM CEO, Fritz Henderson's Remarks on General Motors filing of Chapter 11 bankruptcy (Video)

President Obama's remarks on GM's Chapter 11 Bankruptcy

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Obama's remarks on General Motors filing Chapter 11 bankruptcy (Video)

MSNBC Video

Transcript

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Propping up General Motors a risky business

My take on saving GM, risky.

We are looking at 20,000 people losing their jobs, permanently. There will be permanent layoffs, these folks are gone for good. We are looking at 12 plants to close permanently. No one is calling you back for work to rev up the plant, it is gone. We are looking at 3 plants idle. What does that mean? To me, it means that if things look good down the road that these plants can come back.

Today is a sad day. Today is a happy day.

Sad because a name that everyone in America knows, General Motors, is no more. Happy day because the government stepped in to save GM and Chrysler, by saving this industry came the one thing this country invented, the automobile.

We all can argue about GM's lack of vision, clarity, along with their greed on producing gas guzzling cars/trucks only to be hit with gas rocketing sky high and the consumer letting these cars/trucks go to the wayside. All of the above is true, but the major factor is the poor management of GM that got them here today.

We all can argue about the Obama Administration stepping in and owning 60% of GM and forcing restructuring, retooling, etc. This argument is valid, but remember it was the automotive industry that came running to the government for a bailout, in doing so they have no choice but to do what the Obama Administration says if they want the money.

My take, this is all risky. We have propped up banks and are still propping them up. We have propped up AIG and they are not out of the woods, yet. Now we are propping up GM. It is easy to shake that finger, but many of us know people that work in the automotive industry and this is their life. This is it for them.

I don't know if this will work. Me, personally, I would not purchase a GM or Chrysler car at this time. My attitude is the wait and see. Wait and see if they will produce fuel efficient cars. Wait and see if they produce affordable cars. Wait and see if they will even be around in the very near future. Just wait and see.

President Obama has assumed a platter of headaches, each being put on his plate. If GM does not shake out by 2012 in the right direction, he owns it, and the Republicans will continue to let him know this. (even though the Republicans said send them to bankruptcy from the beginning)

Just risky.

Finally, read what Michael Moore has to say about the closing of General Motors, as we know it, here. Worth a read.

GM Plants to Close

Assembly plants scheduled to close:

—Wilmington, Del. Scheduled to close in July. Cars produced at the plant include the Pontiac Solstice, the Pontiac Solstice Coupe, the Saturn Sky and the Opel GT.

—Pontiac, Mich. Set to shut its doors in October. Produces the GMC Sierra, a sports utility vehicle, and the Chevrolet Silverado.

Assembly plants expected to be idled:

—Orion, Mich. Assembles Chevrolet Malibu and the Pontiac G6. Will halt production in September.

—Spring Hill, Tenn. Assembles Chevrolet Traverse. Will halt production in November.

Two new stamping plants, which mold sheets of steel into different auto parts, are set to close permanently:

—Mansfield, Ohio. Will close in June 2010.

—Indianapolis. Will close in December of 2011.

One stamping plant will be idled:

—Pontiac Metal in Pontiac, Mich. Expected to shut down at least temporarily in December of 2010.

Five plants where powertrain systems are produced are scheduled to close:

—Livonia Engine in Livonia, Mich. Will close in June 2010.

—Four other powertrain plants will close in December 2010: Flint North Components in Flint, Mich.; GM’s Willow Run Site between Ypsilanti and Belleville, Mich.; Parma Components in Parma, Ohio (near Cleveland) and Fredericksburg (Va.) Components.

Three service and parts warehouses and parts distribution centers are also on the closure list:

—Warehouses in Boston, Jacksonville, Fla. and Columbus, Ohio. Set to close on the last day of this year.

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RNC web ad on "Government Motors" (Video)

From RNC Chairman Michael Steele:

"No matter how much the President spins GM's bankruptcy as good for the economy, it is nothing more than another government grab of a private company and another handout to the union cronies who helped bankroll his presidential campaign. President Obama will now own 60 percent of GM, and his union buddies will own almost 20 percent. And what do the taxpayers get? They'll get stuck with up to a $50 billion tab for the taxpayer dollars Obama is using to pay for his takeover of GM. Americans shouldn't be fooled. This is the real 'change' President Obama has in mind for America - government ownership of our economy financed with irresponsible and reckless government spending and debt and no jobs to show for it. This is a very sad day for the autoworkers and their families whose financial well-being will be directly affected by this clear act of an overreaching UAW and overbearing government."

This coming after the RNC acted like concern trolls as President Obama took his wife to a dinner and a play in NYC. Rolleyes, time.

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Obama to address the nation on the GM bankruptcy

Well, the government has sunk a lot into General Motors, as in money. Now, President Obama is announcing the GM bankruptcy under Chapter 11 on Monday at 11:30AM, EST.

GM will be the third largest Chapter 11 bankruptcy in U.S. history. And this is what the Republicans wanted at the on set.

Lastly, this bankruptcy will cost thousands of jobs. No use in putting lipstick on a pig, for this one. This bankruptcy and retooling of GM must work or Obama will own it, in the end.

General Motors, the nation's largest automaker and for decades an icon of American manufacturing, stood Sunday on the brink of bankruptcy and an effective government takeover.

Investors who own a majority of $27 billion in GM bonds agreed Saturday to not fight the plans for a quick bankruptcy process, according to a source familiar with the preparations for the filing.

The deal with bondholders' could make it easier for GM to restructure by neutralizing some of the opposition to a bankruptcy filing. But it does not wipe away the need for the company to seek court protection for making drastic reductions in dealer, labor and other costs.

President Obama will address the nation at 11:30 a.m. on Monday to discuss the bankruptcy, two officials close to the situation told CNN.

It is expected that GM will detail some 20,000 job cuts and the closure of about a dozen plants by the end of 2010. The company has already said it will slash 40% of its network of 6,000 retail dealerships by next year as well, and drop four of its brands -- Hummer, Saab, Saturn and Pontiac.

The impact of GM's bankruptcy, which follows a Chapter 11 filing by Chrysler on April 30, will ripple across the nation to dealers, suppliers and other businesses large and small that work in the sector. read more here....

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Getting fired by a president means nothing if you are a former GM CEO

Again, it means nothing. It was proverbial lip service, obviously, because the man is still getting a pay check.

Seven weeks after the Treasury Department announced that it was ousting General Motors chief G. Richard Wagoner Jr. in the federal bailout of the company, he is still technically on GM's payroll.

Wagoner's removal has been held up because senior Treasury officials have yet to decide whether he should get the $20 million severance package that the company had promised him.

The delay is one of many hitches that have slowed a host of important policy actions in the four months since Timothy F. Geithner became Treasury secretary. While Geithner has taken dramatic steps to address flashpoints in the economy, the work of carrying out those policies has bogged down because critical decisions about how to do so aren't being made, interviews with a broad range of federal officials show.

Government officials, inside the Treasury and out, say the unresolved issues are piling up in part because of vacancies in the department's top ranks. But some of the officials also cite the Treasury's ad-hoc management, which is dominated by a small band of Geithner's counselors who coordinate rescue initiatives but lack formal authority to make decisions. Heavy involvement by the White House in Treasury affairs has further muddied the picture of who is responsible for key issues, the officials add.

In other words, they don't know what the hell they are doing. Sorry, but if you make a decision to fire someone, that decision should be final. Meaning, all discussion and decisions of any bonus should have been made, prior to any firing. So, now we have a fired CEO, getting a pay check and the firing did not mean anything.

At least that is what we minions in the nosebleed section think.

Source

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Bad news for the car industry continues....

First and I am not shocked, was the news from Chrysler and the closing of almost 800 dealerships.

Now comes General Motors (GM) and the closing of about 1,100 dearlerships throughout the United States.

General Motors Corp. is telling 1,100 dealers across the nation their franchises will be shut down next year.

The cuts will come just a day after crosstown rival Chrysler announced it was dropping 789 of its roughly 3,200 dealerships by around June 9. Both companies have too many dealerships for too few sales are slashing costs as they race to restructure.

Dealers around the country had nervously awaited news Friday morning, with some saying they were in the dark about how they would be notified. In Richmond, Va., Royal Chevrolet co-owner Del Mugford was slightly relieved when he sifted through FedEx packages Friday morning and hadn't received any bad news from General Motors. But he knew his future could be determined by a phone call or a piece of mail.

\"This is absolutely nerve wracking. It's like a death sentence. It's the worst feeling in the world," said Mugford, 45, who bought the dealership with his younger brother in 2002 after owning an Oldsmobile franchise down the street. GM closed its Oldsmobile line of cars in 2004.

GM's dealer cuts are part of the company's plan announced last month to cut more than 2,600 dealers by 2010. The remaining cuts will come from closed Saturn and Hummer dealers, along with 400 dealers that the company expects will close voluntarily. Another 500 would be consolidated into other dealerships.

The GM dealer cuts are likely to have a much greater impact than Chrysler's. While many Chrysler dealers also sell other brands and will stay open after losing their franchises, a large number of GM dealers sell only GM vehicles. So if their franchises are revoked, they run a greater risk of closing for good. read more here....

My thing is this, if you have a GM car does it not make it more difficult for service? Another caveat, it makes selling a GM car easier because the competition from other dealerships are not as demanding. At any rate, this is tough all over and expect unemployment rate to shoot through the roof.

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Goodbye, Pontiac and 21,000 more jobs

The auto industry as the banking industry have made bad choices by management. The auto industry was not forward thinking enough, never thought gas prices would climb so quickly and invested heavily in SUVs. The banking industry risked their shirts in the mortgage market and got burned for their greed.

Now we see GM eliminating the Pontiac brand, for good. Along with eliminating Pontiac will be slashes in dealerships and more jobs to the tune of 21,000.

The job loss continues to climb.

General Motors Corp. announced plans to phase out its Pontiac brand and cut 21,000 U.S. factory jobs by next year -- as part of a major restructuring effort needed to get billions more in government aid.

In total, GM is cutting more than 7,000 additional jobs than what it announced on Feb. 17, 500 additional dealers and closing another plant -- or 16 of its 47 U.S. manufacturing plants by 2012 -- and 13 of those plants by the end of the next year; GM hasn't named any of those plants yet.

GM launched its bond exchange offer this morning to its holders of $28 billion in unsecured debt, offering them 10 percent of the equity in the company and accrued interest -- in an effort to avoid a bankruptcy filing before the end of May.

GM said it plans to sell or close Hummer, Saab and Saturn brands by the end of this year -- faster than an earlier schedule.

"We are taking tough but necessary actions that are critical to GM's long-term viability," said Fritz Henderson, GM president and CEO. "Our responsibility is clear - to secure GM's future - and we intend to succeed. At the same time, we also understand the impact these actions will have on our employees, dealers, unions, suppliers, shareholders, bondholders, and communities, and we will do whatever we can to mitigate the effects on the extended GM team."

GM said it would cut its hourly employment by 21,000 to 40,000 in 2010 -- a 34 percent reduction, and level off at about 38,000 starting in 2011. GM plans a further decline in salaried and executive employment -- for 7,000 to 8,000 additional job cuts than what was announced in GM's Feb. 17 viability plan.

For middle class workers in the auto industry this is devastating news, but if the industry is to survive it is necessary.

Source

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GM closing plants for 9 weeks

In other words, most of the summer....

General Motors Corp. is planning to temporarily close most of its U.S. factories for up to nine weeks this summer because of slumping sales and growing inventories of unsold vehicles, two people briefed on the plan said Wednesday.

The exact dates of the closures were not known, but both people said they will occur around the normal two-week shutdown in July to change from one model year to the next. Neither person wanted to be identified because workers have not been told of the shutdowns.

GM spokesman Chris Lee would not comment other than to say the company notifies employees before making any production cuts public.

The automaker is living on $13.4 billion in government loans and faces a June 1 deadline to cut its debt, reduce labor costs and take other restructuring steps. If it doesn’t meet the deadline, the company’s CEO has said it will enter Chapter 11 bankruptcy protection.

United Auto Workers officials at several factories said they have meetings scheduled Thursday and Friday with plant managers and GM human resource officials to discuss production changes.

The automaker’s sales were down 49 percent in the first quarter compared with the same period last year, and GM had a 123-day supply of cars and trucks at the end of March, according to Ward’s AutoInfoBank. GM already has more than a six-month supply of several models.

Seperately, the troubled automaker said Wednesday it may miss a $1 billion bond payment due June 1 if it doesn’t complete a debt-for-equity exchange by then.

Bad news......

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Even though he was FIRED, former GM CEO walks away with about 23M

Are you tired of this yet?

Former General Motors Corp. Chairman and Chief Executive Rick Wagoner won’t get a severance payment from the automaker, but he’ll still get a pension and other benefits worth an estimated $23 million.

In nearly 32 years with the company, Wagoner accrued pension benefits that the company valued at $22.1 million at the end of last year. The actual amount Wagoner will receive could vary because it will be paid in installments over the rest of his life.

Wagoner, 56, also is entitled to $366,602 in unvested stock awards and $534,627 in deferred compensation as of Dec. 31, according to GM’s annual report.

Sigh.

These CEOs represent the worst of leadership and the anger of greed.

Here is Keith Olbermann's take on this:

And Republicans? They need to get on the side of the middle class instead of taking up and defending a CEO that was one of the problems of GMs demise.

Source

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Obama's Speech on the Auto Industry (Video and Transcript)

Transcript

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Obama Adminstration asked GM CEO to resign, he's out

Well, he was in charge.

Ran the company into the ground.

No one is purchasing these cars.

Out of the big three, GM has the most debt.

Letting him go, is a start.

The Obama administration asked Rick Wagoner, the chairman and CEO of General Motors, to step down and he agreed, a White House official said.

On Monday, President Obama is to unveil his plans for the auto industry, including a response to a request for additional funds by GM and Chrysler. The plan is based on recommendations from the Presidential Task Force on the Auto Industry, headed by the Treasury Department.

The White House confirmed Wagoner was leaving at the government's behest after The Associated Press reported his immediate departure, without giving a reason.

General Motors issued a vague statement Sunday night that did not officially confirm Wagoner's departure.

"We are anticipating an announcement soon from the Administration regarding the restructuring of the U.S. auto industry. We continue to work closely with members of the Task Force and it would not be appropriate for us to speculate on the content of any announcement," the company said.The surprise announcement about the classically iconic American corporation is perhaps the most vivid sign yet of the tectonic change in the relationship between business and government in this era of subsidies and bailouts.

Wagoner has been CEO for 8 years and at GM for more than 30. It is not yet clear who would replace him, or what role the administration would play in that process. GM has received $13.4 billion in government aid, and has been seeking $16.6 billion more.

Industry sources had said the White House planned very tough medicine in Monday's announcement, which turned out to be an understatement. And it went to the very top. The measures to be imposed by the government will have a dramatic effect on workers, unions, suppliers, bondholders, shareholders, retirees and the communities where plants are located, the sources said.

GM and Chrysler have to prove their viability as a condition of a federal bailout released under former President George W. Bush, and both have asked the current administration for more money. Ford has not sought federal funds because it had secured a line of credit just before money dried up.

As many say let the banks fail, which I agree for some, the auto makers are something else. Letting this industry fail means many who are getting retirement checks from one of the big three, probably won't any longer. Suppliers will have to cut thousands of jobs, many will go out of business. The automotive industry is a vicious circle. Too many hands in the pot and it can all go under. And this leaks down to the very citizen who owns a GM car or truck. Bankrupt means, what happens to your warranty and who will honor it? Do you see anyone stepping up to the plate for that one? I don't.

Obama will have a major speech tomorrow on the automotive industry, the last big one before he leaves Tuesday for Europe and the G20 Summit. Everyone will listen very closely to what Obama has to say about the automotive industry.

Source
Wall Street Journal

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Will the Obama Administration Save GM?

I know how important the auto industry is to many in this country. For many having parents work at the auto plant was the example of middle class living and wages. Now, this industry is dying a slow death.

I have stated that I don't think the Obama Administration will save all of the big three, that they will let one fail, I think it will be GM. Ford Motors Company is far more stable financially than GM.

Is this a good thing? No. Will it create more job loss? Yes. But if the Obama Administration takes this approach to possibly let GM demise, they must take this direction for the banks in this country. We can't save them all. Citigroup, we, the tax payers now own 36% of this financial organization, which means we have money invested heavily in this bank. What about the other banks? Are we going to save them all? I don't see it. Bank stress tests much be done on these banks and decisions made.

Now the Obama Administration will have information on GM from their fact finding team. Personally, I don't think it will be good news.

The field trip wraps up nearly three weeks of fact gathering by the team since General Motors Corp. and Chrysler LLC submitted their rescue plans to the Treasury Department in the hopes of winning billions more in government loans. Ford Motor Co. is not seeking government aid.

Top Treasury Department advisers Steven Rattner and Ron Bloom, who are leading the auto task force, plan to use the day in Detroit to clarify an array of lingering questions surrounding the companies' rescue plans, which many analysts have criticized as overly optimistic. The team will also meet with the United Auto Workers union to discuss its willingness for deep compromises over wages, staff cutbacks and funding for its retiree health plan.

While in Detroit the auto team plans to tour production and engineering facilities and to test drive the Chevy Volt, GM's electric car that is the centerpiece of its technology push. The visits will feature the GM Technical Center and the Chrysler Dodge Truck Center. The team will then hold discussions with GM and Chrysler officials, as well as top representatives from the UAW.

The weeks ahead are filled with peril for both the White House and the auto makers as administration officials face a March 31 deadline for deciding whether to give the companies nearly $22 billion more in federal assistance.

Political pressure is mounting against an open-ended bailout of GM and Chrysler, with strong support in many quarters for the companies to reorganize through bankruptcy. But with the nation's unemployment rate now over 8%, President Obama and his team are wary of undermining the UAW and sending another economic shockwave through the heart of the country's industrial belt.

Again, if we don't save the auto industry and let one of the big three fail, don't continue to throw money at these banks, who were just as irresponsible in management as the auto industry. We are in a very messy tangled web, financially in this country.

Source

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Stock Deals, for real.....

While the cable chatter, commentators, or as I call desk clerks continue to whine about Obama and spending, the stock market is chaotic.

One thing for sure, Citibank and Bank of America will be saved by the government. These banks are too large and too intertwined internationally for this government to let fail. Thus, purchasing their stock, right now, would be a shrewd investment.

Citigroup closed yesterday at $1.02; Bank of America at 3.17.

I know that much of the uncertainty with these bank stocks are raveled with the housing crisis, but if the government will not let these bank fail, if you have the cash, this stock would be a good purchase.

The banking giant Citigroup commanded a stock price of $55 just two years ago. But at one point Thursday, as markets hurtled to their lowest close in 12 years, the shares were worth less than an item at the Dollar Store.

[snip]

A share of General Motors stock, which fell below $2 on Thursday as it warned of possible bankruptcy, is now not even enough to buy a gallon of gasoline for your Chevy.

A share of General Electric, battered this week to little more than $6, would not be sufficient to buy two of the company’s compact fluorescent light bulbs. And at its current price of 73 cents, it would take several shares of Office Depot stock to buy a box of paper clips.

One caution, General Motors, I would let pass. I have written and with the rumors coming from GM itself that bankruptcy is eminent, the survival of this company is highly questionable right now. The government won't let all the American car companies fail, but they will let one go.

I believe it will be General Motors.

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General Motors in huge trouble

GM posts 9.6 billion quarterly loss.

Say what you want about the auto industry, just another problem piled on top of many problems, but if this industry goes down we are looking at millions unemployed, not thousands, but millions monthly. The dichotomy that the market will continue to fix itself is a moot point when the market, financial industry is teetering to brink with their hands out begging and needing money to stay in business. Yes, the housing market is to blame for much of this, but remember who gives out loans and who put the stamp on loans. Remember, who changed many income brackets on loans for consumers to get in homes many knew they could not afford. Remember, the consumer who not only knew they could not afford this home, but was ignorant to understanding the word "fixed" versus "adjustable". But lastly, remember the financial industry lobbied for deregulation, used the loop holes, and did not care at the end because this industry walked away with not millions but billions.

The public has every right to be angry at the financial and banking industry. The public has every right about the housing industry being in chaos when many are responsible home owners. The public has every right to not want to save these industries, but if we just let the "market" fix itself we will look at chaos. Do I like throwing money to these losers? HELL NO. But I am tired of my property value going down, the unemployment numbers are atrocious, and I am tired of management irresponsibility at the private and public sector.

Now General Motors. I have beef with them too. Not running a fiscal responsible company, selling SUVS and not able to edit on a dime as the consumers change, and one of the last lions in this country that actually makes something. This thing of letting this industry die out is also irresponsible. Many reading this blog had parents that used to have a job for 30 or 40 years and were raised in a middle class home due to companies like General Motors. We were raised having decent health care, able to go to college, parents able to purchase a home, due to companies like GM. We need to step back and look at the big picture. If the auto industry goes down, so does everything else associated with it.

Now General Motors has one of the worst losses ever on their books. For anyone to think that the market will correct itself, then don't nag and complain about all these foreign companies running around this country selling products and most of our food supply. The market won't correct itself for a very long time. Home prices won't go back to what you or I want for a very long time. Trade in this country needs to be adjusted and companies leaving and throwing workers to the curb need to be fined. But this is just my rant, while many are wondering what will really happen to the auto industry in this country, because if we have to continue to bailout the banking industry which is half responsible for where we are economically, why do we think we can continue to piss on an industry for the middle class worker? If we don't want to help the auto industry, then f*ck the banking industry. And this is not only how I feel, but many other Americans in the long run.

General Motors Corp. says it lost $9.6 billion in the fourth quarter and burned through $6.2 billion in cash as it sought government help to avoid running out of cash.

The nation’s biggest domestic automaker lost $30.9 billion for all of 2008 as it struggled against a U.S. sales slump and a global recession.

GM has received $13.4 billion in federal loans and its executives are in Washington, D.C., Thursday to talk to the Obama administration about the company’s request for up to $30 billion.

Source

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Mayor Virg Bernero of Lansing Michigan at it again, this time schoolin' FOX NEWS (Video)

I posted Mayor Bernero's video yesterday from 1600 Pennsylvania Avenue. He schooled them ALL about the disparity of the working man and Wall Street. Damn right, what has Wall Street given up? Because they for DAMN SURE, have not given up their damn checks, have they? And here they are at the taxpayers till AGAIN, for more money to help them fix their 'effed up books due to the mortgage meltdown.

It just ain't right.

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