In a Time of Universal Deceit, Telling the Truth is Revolutionary.
Saturday, December 3, 2022

Can we make the turn?

By the time the sun sets today, two of America’s "big three" automakers will be in bankruptcy. By the end of the week, one of the two should be out of the bankrupt column but it will be owned by an Italian auto company.

When Charlie Wilson ran General Motors he supposedly claimed that "What is good for General Motors is good for the country." What Wilson actually said was "for years I thought that what was good for our country was good for General Motors, and vice versa."

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In the end, Obama couldn’t let GM fail

President Barack Obama couldn’t let General Motors fail, but he won’t concede he’s taking over the company.

With a 60 percent equity stake in the carmaker and $50 billion in taxpayer money riding on GM’s success, the federal government isn’t exactly a hands-off investor.

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Congress set to tackle health care reform

It’s go time for President Barack Obama’s promise to enact a sweeping health care overhaul this year.

First up as Congress returns from a weeklong recess: Sen. Edward M. Kennedy, partially sidelined by cancer, is convening his health committee’s Democrats on Tuesday to begin weighing his proposals to extend health care to all.

Later in the week, the tax-writing Senate Finance Committee meets behind closed doors to work on legislation to achieve the same goal.

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Geithner: Obama will reduce deficits

Treasury Secretary Timothy Geithner sought to assure America’s biggest creditors on Monday that the Obama administration is committed to attacking soaring budget deficits.

Facing skeptical students at China’s prestigious Peking University, Geithner said that once the current recession and financial crisis are over, the administration will get America’s fiscal deficit in order.

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General Motors goes bankrupt today

General Motors Corp., the century-old automaker battered by the economic downturn, mounting debt and management problems, will file for bankruptcy Monday.

It will be the largest industrial bankruptcy in U.S. history and the fourth-largest overall and comes as smaller rival Chrysler appears ready to make a speedy exit from its own court proceedings.

The move will give the government a 60 percent ownership stake and an unprecedented role in reshaping the auto industry.

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