GM: Now Government Motors

General Motors, once the dominant automobile manufacturing company, filed for Chapter 11 bankruptcy early this morning. This was a move that they should have done a year or two ago, and it wouldn't have required a bailout of over $26 billion of taxpayer money. They stand to receive another $30 billion of taxpayer money on top of that. Welcome to Government Motors!

According to the Wall Street Journal.com:

In bankruptcy, the auto maker will split apart into two companies: a leaner new GM and a so-called old GM, which will include the pieces that will be wound down. GM intends to accomplish the split through a Section 363 sale, which would transfer the new GM assets to an entity owned by the U.S. and Canadian governments, the United Auto Workers union and the company's unsecured creditors.

14 GM assembly plants will close by 2011. Those are jobs lost, not jobs saved!

Basically, the government now owns over 60% of GM. Welcome to Government Motors.