Issue #1 on CNN. GM has drawn down it's entire line of credit!

[napi21]

I'm usually not a panic type person, but I still remember when I was a little girl, my grandmother used to always say "If GM falls, so will America!" That was many, many years ago and I'm 65 now, but I gotta tell ya, it scares the hell out of me!

[Richard D]

1. GM isn't nearly the force it was back then

Microsoft,Google, Walmart or such, and I'd be really worried.

[napi21]

3. Maybe not AS STRONG, but do you realize how many people

are employed by GM? How many dealerships are GM? The guy on CNN said that means GM is totally dependant on the cars it sells and the profitability of it's credit arm. I don't even know how to guess the # of people who would be affected by a failure like that!

[magellan]

11. Their credit arm, GMAC, is carrying a load of bad debt

...from silly mortgages and car loans.

The insanity of the bailout plan, which will probably include lenders like GMAC, is that they hope it'll improve "liquidity". Or as Paulson said, "enabling lenders to resume making loans for homes, cars and small businesses, and by keeping the economy from sliding into a deep decline that would cost jobs."

Um, just one small catch. WHO do they think will have the great credit these lenders now require to approve loans?

[Eric J in MN]

2. I'd prefer if the government lent money to GM...

...then bought trash from Wall Street to temporarily prop up financial companies in the hopes that would get more credit to GM.

[frogcycle]

7. agreed

instead of propping up the institutions that created the mess, just freaking compete with them. Let them die, as long as the ripple-effect consequences are avoided.

[notadmblnd]

4. yeah, but how much cash does GM have stashed?

I wouldn't worry about this.

[kirby]

5. The House just passed $25 Billion loan guarantee for Detroit...

Corporate welfare in action...While they are debating $700 Billion, they thought they could easily push through $25 Billion.

The only reason we need the current auto companies is because of the Health Care and Pension benefits they are holding. I still think that one day the taxpayer will be stuck with those costs too. Just Ford and GM has almost $100 Billion dollars in unfunded pensions.

[rucky]

6. I guess that offshoring plan didn't work out too well, after all. n/t

[dixiegrrrrl]

9. Off shoring is working great!

for AIG and all the other companies that are sticking cash in offshore accounts.
They get to keep that money.
and the Golden parachutes.
And the bonuses.
And now the bailout.

[Wilber_Stool]

10. AIG FRAUDULENT USE OF OFFSHORE BANKING HAVENS

This was posted the other day. It's an hour of audio but a great listen.

[TTUBatfan2008]

8. I sure as hell hope GM doesn't go under...

I just bought a 2009 navy blue Chevy Malibu. It is a great car. But if and when it ever needs service, I hope there's GM dealers still around.