Michigan Facing "Economic Katrina" If GM Files for Bankruptcy, Rep. McCotter Says

Well I guess if GM's bankruptcy hits Michigan then that would make you just another Ray Nagin.

That's the risk inherent in both making bad cars and cooking the books to satisfy the unions and investors for years on end.. Sayonara GM.. thanks for the lesson in how not to run a company...

NOW ALL YOU UAW EMPLOYEES AND SUPPORTERS OF OSAMMA-BEEN-OBAMA VOTERS ARE GETTING JUST WHAT YOU'VE ASKED FOR.. A FREE TRIP TO THE UNEMPLOYMENT LINE C/O OBAMA AND HIS DEMOCRAT FELLOWSHIP. I BET THE UAW IS NOT EVEN GOING TO BE ABLE TO PAY THE UAW UNION EMPLOYEES THE UNEMPLOYMENT SUBSTIDIES THAT ALLOW A UAW UNION MEMBER TO MAKE 85% OF WHAT THEY WOULD MAKE IF THEY WERE WORKING WHEN THEY ARE COLLECTING UNEMPLOYMENT FOR MUCH LONGER....... HA HA... THIS LOOKS EXACTLY LIKE YOU CHANGE YOU VOTED FOR....... WHAT DID YOU PRO-UNION IDIOTS EXPECT??? THERE ARE NO UNIONS IN COMMUNIST NATIONS.... LOOK AT THE FORMER SOVIET UNION, EASTERN BLOCK, CENTRAL AMERICA AND CUBA....BECAUSE THAT IS EXACTLY WHERE OBAMMA IS TAKING US... TO THE 3RD WORLD......WHERE CAR MANUF'S PAY EMPLOYEES $2.00 A DAY...IRONIC THAT $2.00 IS ABOUT A HANDFUL OF CHANGE!!!!!!!!

Isn't Obama supposed to be saving jobs? I guess he wants more people available to work for ACORN.

Wow insurance dude, that couldn't be less funny!

o well. it's been full of walking dead for the last 10 years

Katrina was a natural disaster.. this was man made and a long time in the making. Could it have been avoided? I like to think so....

so this guy, a legislator, has no idea what to do. perhaps someone with an idea should be voted in.

We are in worse condition that the MEDIA or the MEDIA GOVERNMENT COMPLEX is telling us. The Treasury announces they are going to BAIL OUT the INSURENCE COMPANIES... can the Government print the money fast enough? More middle class families will be ruined soon.... They have to be caculating in the AUTO FIX... or lack of it.... They are not going to fix cars...

what did they do with all of the money from the umpteen profitable years?

Stating a lot of the obvious. Fact is that GM and Chrysler are not profitable and would not be here if it wasn't for tax-payer money. The auto-industry is not a charity. Passing on a lot of blame. The UAW and bondholders have to concede. Ford did it.

why does mccottor say that gm hasn't, and doesn't have enough time to negotiate with bondholders or the uaw? they have had more than enough time. gm never did stand up to the uaw and told them just what is. we are going broke and we need to get concessions. how hard is that. the dems will eventually have to throw the uaw under the bus. just make sure that gettelfinger(sp) is under there too.

The only similarity is that the writing on the wall against what unions do to economies has been warned since they started and people refused to listen and get out in time. Michigan is a lesson if anyone is interested in learning. read AYN RAND while you still can.

Sad when we have to "petition the White House" to find out whether a company 80% owned by taxpayers is a huge pipeline of taxpayer money to bond holders with corporate bankruptcy insurance (aka "credit default swaps") issued by an insurance company that would be bankrupt if not for the taxpayers. Geithner is like a deer caught in the headlights. If he doesn't release that info and the GM bankruptcy results in a big loss to AIG then he will be tarred and feathered by July 4th. Of course, Goldman Sachs has already "hedged their exposure" to the GM bankruptcy, AIG GM CDS, Michigan state municipal bonds, and the bank lenders with significant car dealership exposure like Comerica. But they'll take the government for an expensive new ride anyway. What a mess!

Oh great GM bond holdes made whole by AIG tarp money. Way to go Guys. Not the sharpest tools in the shed.

The days of retirement @ 55 with a winter home in Fla. are over. Now instead of 20 years of loafing it's time to get back in the workforce.

I remember when Obama toured the auto plants during the campaign and reached out to the distressed autoworkers. Now with the Geitner/Summers Plan he's stabbing them in the back and mortgaging the whole country to bail out the bankers. We really are just economic serfs and they the master class.

Excellent MBA use cases for future graduates!

Stating a lot of the obvious. Fact is that GM and Chrysler are not profitable and would not be here if it wasn't for tax-payer money. The auto-industry is not a charity. Passing on a lot of blame. The UAW and bondholders have to concede. Ford did it.

LOUSY CARS FOR DECADES, OVERPAYING LINE WORKERS, RUNNING THE WORLDS LARGEST HMO, RETIREES WHOM WONT BUDGE, -- WHAT DID YOU EXPECT