So Goes General Motors…So Goes America?

by Mark Williams on February 16, 2009

So goes GM, so goes America is how the old adage goes.

What ever direction the value of GM’s stock went was seen by many a fund manager/economist a leading indicator of the state of the American economy.

But, does this quote still matter in this day and age?

I bring this up, because on Tuesday, February 17th 2009 maybe the day that GM as a company may no longer exist.

According to this Bloomberg article here, GM may be forced into bankruptcy. The bailout that they were given in late December bought them more time, but delayed the inevitable.

Also, according to this article, the US Governement is not first in line to be paid back for the selling of any of GM’s assets.  Citigroup, JP Morgan Chase, and others all get first crack at them…

…wait a minute. Did we not bailout Citigroup? As a matter of fact, weren’t they recently in talks to be nationalized?

Oh well.

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