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Monday, June 1, 2009

GM Officially Becomes 'Government Motors'

Items of Interest:

GM officially becomes Government Motors as it declares bankruptcy with Federal backingMichael Moore / Mike's Message:
Goodbye, GM ...by Michael Moore — I write this on the morning of the end of the once-mighty General Motors. By high noon, the President of the United States will have made it official: General Motors, as we know it, has been totaled. — As I sit here in GM's birthplace, Flint, Michigan …

Robert Reich / Financial Times: General Motors holds a mirror up to America
Washington Post:
GM Files for Bankruptcy Protection — General Motors filed for bankruptcy protection this morning, marking the end of financial independence for the 100-year-old industrial leviathan that once conflated its interests with the country's and — counting jobs at the company and its suppliers — employed well over 1 million people...
Kbh / KeithHennessey.com: Understanding the GM bankruptcy
Michael O'Brien / The Hill:
‘New GM’ will get $30B in last lifeline from U.S. -- General Motors will file for bankruptcy in exchange for more than $30 billion in assistance from the federal government, the Obama administration announced Sunday.

The company will seek an abbreviated, two-to-three months of bankruptcy protection Monday in court in exchange for the assistance, after which, senior administration officials said, they expect to provide no additional support...

Sean Callebs / CNN:
GM-dependent Tennessee town left to uncertain fate -- General Motors idled its Spring Hill, Tennessee, facility as part of its bankruptcy plan Monday, leaving hundreds of employees -- and thousands of residents who rely on the plant's economic thrust -- in limbo...
Jane Hamsher / Firedoglake: With GM Bankruptcy Closing TN Plant, Will UAW Spend Against Anti-Labor Senators?
Kbh / KeithHennessey.com:
Basic facts on the General Motors bankruptcy -- “The U.S. Treasury does not anticipate providing any additional assistance to GM beyond this [new $30.1 B] commitment.” (White House fact sheet) ...
Wall Street Journal: GM Files for Bankruptcy Protection
Ion Mihai Pacepa / Wall Street Journal: What I Learned as a Car Czar
Micheline Maynard / New York Times:
A Primer on the G.M. Bankruptcy -- General Motors followed Chrysler into bankruptcy on Monday in a case that will be one of the largest and most complex in history. It hopes to follow the same path Chrysler has taken through court, but there will be some differences between the two cases...
Christine Seib / Times of London: GM files for bankruptcy protection
NY Times:
Judge Clears Way for Sale of Chrysler to Fiat -- A federal judge on Sunday night cleared a path for Chrysler to exit bankruptcy by approving a sale of most of the carmaker’s assets to a new entity to be run by Fiat of Italy...
Other Great Recession Items of Interest:

Global Crisis ‘Inevitable’ Unless U.S. Starts Saving, Yu Says -- Another global financial crisis triggered by a loss of confidence in the dollar may be inevitable unless the U.S. saves more, said Yu Yongding, a former Chinese central bank adviser.

It’s “very natural” for the world to be concerned about the U.S. government’s spending and planned record fiscal deficit, Yu said in e-mailed comments yesterday relating to a visit to Beijing by U.S. Treasury Secretary Timothy Geithner ...
Mish's Global Economic Trend Analysis: Former Chinese Central Bank Advisor Questions Geithner's Math, Calls Federal Reserve Assets "Rubbish"
Daily Kos:
Subprime meltdown over; now comes the bad part -- So much has been made of the subprime mortgage implosion that you would think it was almost totally responsible for the economic collapse, and that once the subprime problem was fixed then the worst would be over.

Unfortunately nothing could be further from the truth, despite hitting new highs in foreclosure listing. Instead it was the first round of a three part collapse, and we are on the edge of the second round...

Jumbo Prime Mortgage Delinquency Rate----

Calculated Risk

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