http://my.hsj.org/Portals/2/logos/__TFMF_514bnj55plceyobq3pxpgd55_85d01ca1-7c67-49bd-a7dc-3f3809fdd95c_0___Selected.jpg en-us Copyright 2008 - All Rights Reserved. Mon, 23 Nov 2009 21:12:53 GMT 15 By Takeyrah Reid
    Car dealers have been struggling to sell, but have found ways to stay in business.  Others, however, aren’t being as successful.  The problem is getting people in to cars when many have lost their jobs.  Ford has come up with the “GM Total Confidence” plan which is to cover the payments of those who have lost their jobs. The automakers are to make nine monthly payments of $500 dollars each for buyers who have lost their job.  This however won’t help both car companies from its even bigger problem:  BANKRUPTCY.     GM itself is struggling to prevent bankruptcy and President Obama believes they should act alone since they have already been given billions of dollars already.  President Obama tells both auto companies that they have 60 days to come up with a reconstructing plan if they look to receive more help from the government   Obama also states that the only way of saving GM and Chrysler may have to require bankruptcy, if it looks to be reconstructed and emerge to being stronger.  If they are to go bankrupt the plan is to keep this all out of court and take care of it personally.      President Obama has strong feelings on what is to happen with GM and Chrysler.  He states "we cannot, we must not, and we will not let our auto industry simply vanish. This industry is, like no other, an emblem of the American spirit," he said. "It is a pillar of our economy”.  President Obama advises that these two auto companies go into bankruptcy protection.         Many question how these two companies are to come out of bankruptcy and whether we are going to be the ones paying for it with our taxes and also, what sacrifices we're going to have to make. ]]> Wed, 29 Apr 2009 17:19:36 GMT