Finally, earlier Monday, General Motors filed for bankruptcy.

As said: finally. GM should taken this step years ago. It took hit after hit, loss after loss for years, decades even. Every time it got in trouble, however, Washington D.C. came to the rescue. Not anymore, and rightly so.

GM is a company of a different age. If it wanted to survive, it had to modernize. It, and its employees it has to be said, refused to do so, however, leading to the logical conclusion that it had become a drain on the U.S. economy, meaning it should be allowed to fail.

Sadly, there is also bad news:

General Motors Corp filed for bankruptcy on Monday, forcing the 100-year-old automaker once seen as a symbol of American economic might and dynamism into a new and uncertain era of government ownership. (more…)

Shortly before the deadline established by the federal government passed, Chrysler and union leaders said they had reached an agreement. It once again proves that pressure can accomplish a lot.

The deal includes Fiat, the Italian automaker with which Chrysler was ordered by the government to form an alliance before Thursday.| MORE ›

One of the most criticized U.S. Treasure Secretary’s in history, Tim Geithner – and the man has only been secretary for two months or so – refused to say Sunday whether more bailout money was needed in the coming weeks and months.

“We have roughly $135 billion left of uncommitted resources. The rest is out the door,” he said on ABC-TV’s “This Week with George Stephanopoulos” program.| MORE ›