GM, Chrysler => prepackaged bankruptcy #annarbor @arborupdate @a2chronicle

I have been telling everyone on the ArborUpdate the Ann Arbor Chronicle discussion boards that this is going to happen for about six months. Now it has happened. Things aren’t looking great for the Michigan economy for the next several years. Do we really need a $770,000 piece of public art for the new $47 million city new?

U.S. stocks declined on Monday after the Obama administration said that the best chance for success for General Motors and rival Chrysler may be bankruptcy.

The Dow Jones Industrial Average was down about 220 points. All its components were lower. GM shares, which have slumped to their lowest levels in decades in recent months, were down more by than 24% early on, falling below $3. Given the shares’ low price, however, the decline took less than 10 points off the Dow.

via Article – WSJ.com.

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