GM, Bankruptcy, and Uncle Sam

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In this July 25, 2008 file photo, General Motors Corp. headquarters are shown in Detroit. Dreaded white-collar job cuts at General Motors Corp. started Tuesday, March 24, 2009, as the wounded automaker began to deliver on promises to the government to shrink its work force so it can be profitable at lower sales levels. (AP Photo/Paul Sancya, file)
General Motors Corp. headquarters in Detroit, July 2008. (AP)

And so, it’s happened. General Motors — the once-mighty GM — has filed for bankruptcy.
The papers were submitted this morning to a federal clerk in Manhattan. President Obama is talking about it today. GM is talking. But in most ways that matter, the paperwork speaks for itself.
Chapter 11 bankruptcy. American taxpayers the majority owners of General Motors. Washington hip-deep in American business — with billions, and an industrial economy, on the line.
This hour, On Point: We’ll talk Michigan Governor Jennifer Granholm, at the center of the storm, about GM, Washington, and bankruptcy.
You can join the conversation. Tell us what you think — here on this page, on Twitter, and on Facebook.Guests:

David Welch, Detroit bureau chief for BusinessWeek. He wrote this week's story, "The Tough Road Ahead for GM and Chrysler."

Logan Robinson, professor of law at the University of Detroit Mercy, former general counsel of Delphi, ITT Automotive, and Metadynea, and former top international and commercial lawyer for Chrysler.

Jennifer Granholm, Governor of Michigan.

Allan Meltzer, professor of political economy and public policy at Carnegie Mellon University, visiting scholar at the American Enterprise Institute, and author of "History of the Federal Reserve, Vol. I: 1913-1951." He served on the Council of Economic Advisors for Presidents Kennedy and Reagan.

Update: Listen to Gov. Granholm's interview segment in today's show, and read a transcript of key excerpts, on our Notes & Updates blog.

Here's President Obama on the GM bankruptcy earlier today:

This program aired on June 1, 2009.


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