Bankruptcy for Chrysler, and now GM. I won't insult your intelligence by saying that this is utterly devastating, to say the least.
While not glossing over the harshness and devastation of GM's bankruptcy, President Obama and Governor Granholm have made it clear they are committed to ensuring that the newly restructured GM will be leaner, meaner, and structured far better than the old GM. The White House has released a fact sheet on GM's restructuring.
Meanwhile, on the Huffington Post, Granholm writes:
So, three major opportunities exist to turn the destruction of bankruptcies and job losses into the creative reconstruction of America's manufacturing economy:
President Obama's commitment to free us from dependence on foreign and carbon-based fuels; the imperative that those green products be made in America to create that true independence; and a talented manufacturing sector hungry for work.
The moment is now to use our lean, retooled American manufacturing sector to build the green cars, batteries, a smart electric grid, wind turbines and solar panels that will lead us to energy independence.
It's a time of dramatic, historic, national transformation. And despite today's devastating news, Michigan is ready to lead.
Meanwhile, there seems to be at least some hope for Chrysler. Obama:
"The decision by Judge Gonzalez of the United States Bankruptcy Court for the Southern District of New York to approve the Chrysler sale transaction paves the way for the new Chrysler to successfully emerge from bankruptcy as a new, stronger, more competitive company for the future. Only a month ago, this great American company’s very future was in doubt. Now, as a result of a substantial commitment by the U.S. government, and tough sacrifices from all stakeholders involved, Chrysler has a new lease on life. We said this process would be completed quickly and efficiently, and that’s exactly what has been accomplished today. Tens of thousands of American jobs will be saved as a result of this extraordinary effort."
We'll get through this.
UPDATE: I just found this thanks to Graham: