Gm's Wagoner Threatens Bankruptcy

And this is exactly what should happen to Gm. Wagoner Gm's chairman has threatened that unless Gm receives more bailout money that Gm will go into chater 11. Before he said he would never allow that to happen. But since Gm's new bankruptcy advisers have found a loop hole that makes the government liable for compensation to Gm if they went bankruptcy his tune has changed. He is a first class punk. However if the government nationalized Gm that wouldnt then apply since the government would be assuming all of Gm's debt obligations. Nationalization of the American automotive industry is imperative. Obama's bailout is a good plan because its trickle up economics that starts at the bottom ot the economic later and works its way up. Trickle down (Reganonmics) was just plain bullshit and the cause of many of our problems. However Obama's stimulation plan wont have a lasting effect without a healthy automobile industry. The United States must make a man on the moon effort to turn around our automobile industry and manufacturing base or risk losing everything in this recession-depression. Obama has been very weak and indescisive on this most important issue. We need an industrial policy asap.