GM in bankruptcy protection move

[Newshound]

Car giant General Motors files for bankruptcy protection, the biggest industrial failure in US corporate history.

More... (http://news.bbc.co.uk/go/rss/-/1/hi/business/8077255.stm)

[pyrangello]

I am from the detroit area, grew up in automation alley and was working in a welding shop at age 14 . It was illegal but I am so glad I had the opportunity to learn a skill at an early age. It's a sad day, the perfect storm if you will. Some of this damage was self served, but GM does make a very good product.

I just wonder instead of the government controlling the money would it have made more sense to create a 4 year, 100% tax deduction of a new vehicle. That would have put people to work, created a tax base and bought some time to ride this out til things got better ! Just a thought ! But then that would have put the money back into the peoples hands which is what this entire bailout here has not done.

Just my 2 cents!!