| President talks about Bankruptcy for GM |
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President Obama openly discusses bankruptcy option for General Motors. Auto stocks lower across the board by about 25% with the Dow Jones down 256 at midday Monday March 30, 2009.
Market is experiencing some profit taking after a great run up over the last few weeks.
Commodities are up by 25% off the march bottom and bank stocks also had a tremendous run up by 50% off the resent bottom so some profit taking is to be expected.
GM shares lower by $0.76 this morning. Wallstreet is completely revelutating GM. More go vernment money will be required to complete the restructuring. "We cannot, we must not, and we will not let our auto industry simply vanish. This industry is, like no other, an emblem of the American spirit; a once and future symbol of America’s success," Mr. Obama said in remarks made from the White House. He also went on to say: "But we also cannot continue to excuse poor decisions
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