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Posts Tagged ‘consumer spending’

June 1st, 2009

GM Bites the Bullet

(Lee Siler) - After weeks of speculation an American Icon General Motors finally files for bankruptcy. GM's Bankruptcy would be the 4th largest in U.S. history. This reorganization will include additional money from the U.S. Treasury, which would give the U.S. Government a 60% ownership in the company.

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May 27th, 2009

GM on Verge of BK

(Lee Siler) - Things at General Motors are getting bleaker by the minute, as the company pulled an offering that would convert its debt to equity. The bondholders revolted the offer and gave GM no choice but to cancel the deal. This event will likely be the straw that breaks GM's back and pushes them into bankruptcy. On the news GM is down 12% and probably on its way to zero.

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April 29th, 2009

GDP Down For Third Straight Quarter

(Lee Siler) - The U.S. economy shrunk more than expected, according to the Commerce Department. The U.S. saw economic contraction for the third straight quarter, a run not seen since 1974-1975. Analysts had expected the GDP to be down 4.9%, but the number actually came in down 6.1%.

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