General Motors has filed bankruptcy and is now officially going to cut jobs and lowers it work force to just 10% of what it once was. In the mid 1970’s General Motors housed over 395,000 employees and is now expected to have only 34,000 employees building cars. General Motors has had terrible leadership that has kept it from becoming a powerhouse in Detroit but instead remained neutral when others were leaping ahead with technology and design.

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General Motors bankrupt is the new word on Wall Street.

It seems that despite major efforts to save itself and all the new plans and arrangements, General Motors will be forced into bankruptcy by the end of next month. Word on wall street remains that the giant auto maker will be forced to claim chapter 11 bankruptcy and will be forced to close down over 1000 dealerships in order to potentially survive the dark road ahead.

This is now the 3rd major loss in the American auto industry, and seems to not be the last. Chrysler was first, followed by the Pontiac branch of General Motors and now this; GM should learn a few tricks from its counterpart Ford automotive who has used this recession as an opportunity and has prepared well for the next boom in automotive technology.

General Motors being forced into bankruptcy comes as no surprise as it was clear that production quality, innovation and customer satisfaction had been lacking in years and that no last minute change was going to entirely salvage a lost and useless company that was ran so inefficiently for the past decade.

General Motors can only hope that this chapter 11 loss will be its last as it obviously has yet to fix its union problem, labor costs and production costs in order to turn this ship around and salvage what is left of it.

First they pulled the plug on the Viper, now all the high performance V- Series line is on the brinks of extinction. GM needs to refocus their plans as they are truly struggling. They have made some terrible choices in the past build some terrible quality cars. Now its all about to change according to them. They are ready for a change and want to survive and so they are changing their priorities quickly. Good move or another disaster?

General Motors, focusing on mainstream products in a battle to survive, has scrapped a unit that produced high-performance vehicles.

GM on Wednesday disbanded High Performance Vehicle Operations, which is based at the company’s suburban Detroit technical center, and redeployed its engineers, spokesman Vince Muniga said.

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Why are we bailing out Detroit? Why is the government getting involved with private sector bailouts?

It seems that the economy of this country is turning into a big mockery. We are bailing out corporations, from banks to car manufacturers, have no oversight of the money, and deal with CEO’s that refuse to give up their pay/bonuses to save their own companies?

That makes no sense.

For years, banks, private organizations and car manufacturers had record profit years, at which point they gave nothing back to the country. I cannot imagine why bailing them is an option and even worst actually going through with it.

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