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The biggest industrial collapse ever: GM declares bankruptcy a second time

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11/1/2014

For the second time in a decade, the largest auto maker in America declared itself bankrupt
in a courtroom in lower Manhattan yesterday. Despite efforts by the U.S. Government to prop
up the automaker and save the jobs of nearly 235,000 Americans, the company's overall
profitability has continued to spiral out of control.

Speaking on behalf of the White House, an aid to the president said that a second bailout
was "unlikely". "The United States Government has worked with GM to restructure their
operating process," the spokesman noted, "however, they have been unable to keep up with
demand for hybrid and high efficiency vehicles." With gas now averaging nine dollars a
gallon, American consumers are beginning to value cars that are less status symbols and
more machines of a specific quality and function.

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