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GM Bankruptcy: The Small Business Crisis Begins

Today, June 1st, 2009, is an historic date. It is the day that General Motors entered bankruptcy. There are a lot of wide-eyes and crestfallen faces in Detroit and Washington today, as if this is some kind of surprise, a financial Pearl Harbor if you will. It isn’t, this assault has been going on for a long time, and if you want to know who sank GM’s battleships, you need look no further than the GM corporate boardroom and the UAW. Because of weak leadership and short-sightedness, GM executives have been systematically running the company into the ground for years now and the unions have been right there adding ballast and force to the effort, demanding more and more, sucking the competitive life out of the company. Now, here we are. One of the parties to the company’s demise—the unions—will now split ownership with the only entity actually less competent to make sound financial and industrial decisions for the good of the company, the federal governmen... [Read Full Article]

Small Business Left Out of Credit Card Reform

  Government and Economy A GM Bankruptcy: Disaster in the Making When it comes to the auto industry, President Obama isn't just ruling on the fate of a single company. A GM bankruptcy could easily devastate the very economy he is attempting to stabilize. Auto Crisis Hits Minority Dealers Hard After years of work to bring minorities into the automobile industry, minority car dealers are now expected to be hit hard as GM and Chrysler make cuts in their retail networks. [Read Full Article]

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