It’s finally official: GM is going to file for bankruptcy, providing protection from creditors as the company seeks to reorganize. Why didn’t we (by “we” I mean the boneheads in Washington) allow this to happen in the final quarter of 2008, when every thinking person could see that it was both inevitable and the only chance for the company to survive, rather than pumping dumping literally billions of dollars into the company in a vain attempt to stave off this filing? Let me be clear: this is not a partisan failing. President Bush was in the White House when the first payments were deposited. President Obama has continued that course.
You can read one article about the filing here.
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