Obama: Difficult Days Ahead For Auto Industry

By Michael Combier-Talk Radio News Service

President Barack Obama announced today that even though 400,000 jobs have been lost before this restructure of General Motors has begun, more will come in the future, more plants will close and more dealerships will shut their doors. (1:12)
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Obama Administration Has No Interest In Running General Motors

By Michael Combier-Talk Radio News Service

President Barack Obama announced that even though the federal government will invest $30 billion to restructure the new General Motors, his administration has no interest in running GM which will be run by a private board of directors and a team of management. With this investment, the American taxpayers will own 60 percent of the new GM. (2:24)
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Obama: A Tough But Fair Plan For GM Stakeholders

Announcing the bankruptcy of General Motors, President Barack Obama detailed the cuts made by the United Auto Workers on health care benefits, of GM shareholders and of unsecured bondholders in order to prevent a liquidation of the auto maker. (1:20)
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Obama: A New And Stronger Chrysler Underway

By Michael Combier-Talk Radio News Service

At a press conference this morning, President Barack Obama announced that 31 days after having filled Chapter 11 bankruptcy, a new Chrysler will emerge in the coming days. President Obama added that bankruptcy has been the best solution for the auto maker and that the American people have been comforted by "this extraordinary commitment to stand behind a quick bankruptcy process." (1:15)
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Maloney: "nothing would have happened?"

Coffee Brown, University of New Mexico, Talk Radio News

Rep. Carolyn Maloney (D-N.Y.) asks whether bailout was necessary, or preferable to bankruptcy.

Maurice R. Greenberg, fprmer Chairman and CEO of American International Group doesn't think so.

02:35
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Credit card debt is like drug addiction?

By Kayleigh Harvey - Talk Radio News Service

At a House Judiciary Subcommittee hearing on “Consumer Debt: Are Credit Cards Bankrupting Americans?” Adam Levitin from Georgetown University Law Center said, “It is like drug use in this sense. There is definitely an addictive quality to credit...there is definitely are parallels between the way consumers use credit and what we see with addictive products.”

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Credit card debt and bankruptcy correlation

By Kayleigh Harvey - Talk Radio News Service

At a House Judiciary Subcommittee hearing on "Consumer Debt: Are Credit Cards Bankrupting Americans?" Adam Levitin from Georgetown University Law Center said, “There is nothing particularly surprising about high credit card debt correlating with bankruptcy. People who are in bankruptcy have debt. What is important to note is that debt, dollar for dollar, credit card debt has a much higher correlation with bankruptcy than any other type of debt.”

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Paul Ingrassia on the auto industry

By Michael Ruhl, University of New Mexico - Talk Radio News Service

Paul Ingrassia, former Detroit Bureau Chief of the Wall Street Journal and Pulitzer Prize winner, said that Chapter 11 Bankruptcy may be of long term benefit to companies like GM and Chrysler. According to Ingrassia, bankruptcy could free the companies from contractual obligations which are otherwise overly burdensome to their operations. It would allow these companies to reduce the number of brands and dealers they have without lengthy legal gridlock, which in turn could provide the ability for the auto companies getting back on their feet through a very thoughtful reorganization. (00:48)
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