A Lemon of a Bailout

Eugene Robinson / Truthdig Jun 2, 2009 With GM's bankruptcy filing on Monday, we the people have become majority owners of a museum-quality piece of industrial history. Dig deeper ( 3 Min. Read )

Out With the Old, In With the New GM

Staff / Truthdig Jun 1, 2009 General Motors filed for Chapter 11 bankrupcy protection on Monday. Shortly after the announcement, President Obama tried to reassure taxpayers, who are effectively shelling out an additional $30 billion in return for a 60 percent stake in the company, according to the new restructuring plan. The "new GM” will shed 21,000 more employees and shut down 12 factories and 2,600 car dealerships. Dig deeper ( 1 Min. Read )

Uncle Sam to Own GM Without Any of the Perks

Staff / Truthdig May 27, 2009 GM's restructuring plan will make the Treasury Department the majority owner of the company, according to Bloomberg. The administration reportedly intends to take as passive a role as possible and will not appoint anyone to the automaker's board, thereby avoiding the danger that something competent might happen. Dig deeper ( 1 Min. Read )

Crash

Cameron Cardow / Truthdig May 5, 2009 Dig deeper

The End of the Middle Class as We Know It

Marie Cocco / Truthdig Apr 30, 2009 This is how it ends. Or at least, this is how the latest, sad chapter in a story that has been ending for three decades is written. Dig deeper ( 3 Min. Read )

Uncle Sam Forces GM to Stop and Ask for Directions to Bankruptcy

Staff / Truthdig Apr 13, 2009 GM has until June 1 to cut a deal with its workers and bondholders, but the Treasury Department is requiring the automaker to prepare for bankruptcy just in case, according to The New York Times. Newly installed GM chief Fritz Henderson is more receptive to the possibility than his predecessor, but warns, "If we need to resort to bankruptcy, we have to do it quickly." Dig deeper ( 1 Min. Read )

GM Saw

Cameron Cardow / Truthdig Apr 9, 2009 Dig deeper

Welcome Back, Spitzer

Staff / Truthdig Apr 7, 2009 So, Matt Lauer busted right out of the gates with the sex-scandal questions in his interview with Eliot Spitzer on Monday's "Today" show, taking far too much time to extract mea culpas from the fallen former New York governor before getting to the better part of the program, during which Spitzer holds forth about the economy. Dig deeper ( 1 Min. Read )

60 Days

Mike Luckovich / Truthdig Apr 2, 2009 Dig deeper

GM Collapse

Brian Fairrington, Cagle Cartoons Apr 1, 2009 Dig deeper

In for a Penny, In for $2.98 Trillion

Robert Scheer / Truthdig Apr 1, 2009 The good news on the government’s “No Banker Left Behind” program is that, according to the special inspector general’s report on Tuesday, the total handout to date is still less than 3 trillion dollars. It's only $2.98 trillion, to be precise, an amount six times greater than will be spent by federal, state and local governments this year on educating the 50 million American children in elementary and secondary schools. Dig deeper ( 3 Min. Read )

Blurring the Line Between Business and Government

Staff / Truthdig Mar 31, 2009 President Obama grabbed the proverbial steering wheel on Monday, shaking up the American auto industry by stating tougher conditions for receiving federal subsidies and forcing GM's CEO to step down. But critics are wrong to suggest that this represents an unprecedented use of executive power. Dig deeper ( 2 Min. Read )