Growing up I never thought that I would see this day. Even in their faltering "heartbeat of America" phase when fighting back against Japanese competition it did not even sound like a remote possibility. NY Times:
President Obama will push General Motors into bankruptcy protection on Monday, making a risky bet that by temporarily nationalizing the onetime icon of American capitalism, he can save at least a diminished automaker that is competitive.
The bankruptcy, to be filed in New York, is a moment of reckoning for an industry that was once at the heart of the American economy. It culminates a remarkable four months of confrontation between Washington and Detroit that is expected to result in a drastic downsizing of the company.
It also places the government in uncharted territory as a business owner, as it takes a 60 percent ownership stake in the company during its restructuring.
