Changes

see [[Recession of 2008]]  

see [[Recession of 2008]]  

GM went into crisis mode in 2008 as sales fell in half, with dealers' lots jammed with unsold cars. Losses mounted and only emergency loans from the federal government, approved by from President [[George W. Bush]], staved off bankruptcy, but the danger perists.  On March 29, 2009, President Obama forced the head of GM to resign, and on March 30 issued a do-or-die ultimatum for the struggling industry, demanding strict financial standards that the carmakers must meet to get more government aid and declaring that their industry must survive because it is "like no other, an emblem of the American spirit." In late April 2009 GM announced further downsizing that will reduce its American workforce to 38,000 union employees in 34 plants, compared with 395,000 at 150 plants at its peak in 1970. Nearly half the dealerships will close, striking hard at the economy of many small cities.  To restructure itself GM will need to borrow another $11.6 billion from the government.<ref> [http://www.nytimes.com/2009/04/28/business/28auto.html?hp Bill Vlasic And Nick Bunkley, "G.M.’S Latest Plan Envisions a Much Smaller Automaker," '' New York Times'' April 27, 2009]</ref>

GM went into crisis mode in 2008 as sales fell in half, with dealers' lots jammed with unsold cars. Losses mounted and only emergency loans from the federal government, approved by President [[George W. Bush]], staved off bankruptcy, but the danger perists.  On March 29, 2009, the [[Obama Administration]] forced the head of GM to resign, and on March 30 issued a do-or-die ultimatum for the struggling industry, demanding strict financial standards that the carmakers must meet to get more government aid; Obama declared that their industry must survive because it is "like no other, an emblem of the American spirit." In late April 2009 GM announced further downsizing that will reduce its American workforce to 38,000 union employees in 34 plants, compared with 395,000 at 150 plants at its peak in 1970. Nearly half the dealerships will close, striking hard at the economy of many small cities.  To restructure itself GM will need to borrow another $11.6 billion from the government.<ref> [http://www.nytimes.com/2009/04/28/business/28auto.html?hp Bill Vlasic And Nick Bunkley, "G.M.’S Latest Plan Envisions a Much Smaller Automaker," '' New York Times'' April 27, 2009]</ref>

 

==See Also==

==See Also==