Posted 6/01/2009 05:56:00 PM by Douglas

So GM finally goes teats up, declares bankruptcy.

General Motors filed for bankruptcy protection early Monday, a move once viewed as unthinkable that became inevitable after years of losses and market share declines capped by a dramatic plunge in sales in recent months.

And to the surprise of absolutely no one:

In the end, even $19.4 billion in federal help wasn't enough to keep the nation's largest automaker out of bankruptcy. The government will pour another $30 billion into GM to fund operations during its reorganization.

GM will shed its Pontiac, Saturn, Hummer and Saab brands and cut loose more than 2,000 of its 6,000 U.S. dealerships by next year. That could result in more than 100,000 additional job losses if those dealerships are forced to close.

A dozen facilities were identified for closure. Those plants employ most of the more than 20,000 U.S. workers GM intends to cut by the end of next year.

So you're getting a $50 Billion loan (shit, I almost said that this time without laughing), you're going to directly ax 20,000 jobs in a dozen plants, and indirectly cause the loss of another 100,000 jobs, all while you're making shitty cars with overinflated union labor? Am I missing something? Can't you do that without every person in the country kicking in $170. That's your share of the $50 Billion.

You're done, Detroit. Enjoy your last pension payments.