Obama’s plan to save GM, $30 billion

By Bob L

Obama’s speech that shafts many

Obama made a good speech about how this bankruptcy is a good thing for America, but has any one thought about the loss of credit that is being lost due to loss of foreclosures and jobs. American people just can’t go out and print money when they need it like the government does, if we did we would go to prison, they keep telling us we are spending money we don’t have.

He also said that they were going to buy their cars, now what is that going to do for FORD who did not take any money, some one said that now that the Government would buy cars for their fleet cheaper then ford could bid on, and now that is what is happening, so now that Obama want’s to punish ford, boycott G M, and CHRYSLER, and tell Obama that he has to buy from all three, or none at all.

Where does he think that people today can afford the price of today’s cars now or later.

All I can see is that banks and finance companies are going to profit due to credit reports from the economy of today, and the peoples loss.

All I can see is the same thing that they are all lies,he has not been truthful to the American from day one,for he has flip flopped and can not tell the truth if his life depended on it. He is fallowing in the same steps as Bush, and only helping the rich and him self and family.By DAVID ESPO, AP Special Correspondent

WASHINGTON – President Barack Obama pushed a humbled General Motors Corp. into bankruptcy on Monday and said the federal government will act as “reluctant shareholder” when it assumes a 60 percent ownership of the smaller carmaker that emerges.

The president said he hopes GM — once a proud symbol of American capitalism — would emerge quickly from bankruptcy court, and pledged up to $30 billion in additional federal assistance to help it get on its feet.

The government’s partial stake in GM comes on top of a far smaller ownership of Chrysler LLC, as well as significant federal equity in banks, the AIG insurance giant and two mortgage industry titans — all victims of an economic crisis unrivaled since the Great Depression.

Republicans lobbed questions in Obama’s direction even before he finished speaking.

“The only thing it makes clear is that the government is firmly in the business of running companies using taxpayer dollars,” said House Republican Leader John Boehner of Ohio.

“Does anyone really believe that politicians and bureaucrats in Washington can successfully steer a multinational corporation to economic viability? It’s time for the administration to fully explain what the exit strategy is to get the U.S. government out of the board room once and for all,” Boehner said.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below.

WASHINGTON (AP) — President Barack Obama pushed a humbled General Motors Corp. into bankruptcy on Monday and said the federal government will act as “reluctant shareholder” when it assumes a 60 percent ownership of the smaller carmaker that emerges.

The president said he hopes GM — once a proud symbol of American capitalism — would emerge quickly from bankruptcy court, and pledged up to $30 billion in additional federal assistance to help it get on its feet.

The government’s partial stake in GM comes on top of a far smaller ownership of Chrysler LLC, as well as significant federal equity in banks, the AIG insurance giant and two mortgage industry titans — all victims of an economic crisis unrivaled since the Great Depression.

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