Channel 6 News

Leader: The Bankruptcy of General Motors

- General Motors filed for bankruptcy this morning, beginning a process that will leave the US government with a 60% stake in the company, and an unprecedented role as a business owner. President Obama is effectively pushing GM into bankruptcy, in the hopes that, after a brief period of nationalization, a smaller, sturdier GM will emerge, capable of competing in the international car market. The US will invest an additional $30 billion in GM, on top of the $20 billion previously committed. 

- Today's news is awash with sentimentality, looking back at this behemoth of American industry in its 101 years of existence. "What's good for General Motors is good for the country" is a saying that entered the lexicon, and is not altogether false.  Employing as many as 1 million people at points, including suppliers and dealers,  GM was the world's biggest company just ten years ago.  GM's demise (or reeducation, if you'd prefer) will be felt deeply around the country.

- A New York Bankruptcy judge cleared the way for Chrysler to exit bankruptcy by selling most of its assets to Italian car maker Fiat.  Chrysler could come out of bankruptcy as early as this week.

Politics

- George Tiller, a high-profile Kansas doctor who performed late-term abortions was shot and killed on his way to church yesterday by an anti-abortion activist.  The assassin is in custody.

- Cuba continues to express interested in closer relations with the United States, and in a trip to Latin America, Secretary of State Hillary Clinton is encouraging the thaw. Speaking at the inauguration for the new president of El Salvador, Clinton said:

Greater connections can lead to a better, freer future for the Cuban people. These talks are in the interest of the United States, and they are also in the interest of the Cuban people.

- The Las Vegas Sun reports that Nevada could be at the center of the battle over immigration reform.  Andres is quoted:

Immigration, Ramirez said, is a litmus test for Hispanic voters — if they think a candidate, or party, is hostile on the issue, they will show less interest in the candidate’s or party’s overall platform. This occurred in the 2008 election, analysts say. So the party could “risk alienating Hispanic voters more” by opposing a comprehensive bill, Ramirez said.

- Howard Fineman looks forward to President Obama's speech in Cairo, Egypt this Thursday.

Economy

- Treasury Secretary Tim Geithner is in China, and exchange rates are on the top of his agenda for discussion with his counterparts.

- Oil is at $67 per barrel, the highest it's been since November.

International

- An Air France jet bound from Brazil to Paris has disappeared over the Atlantic.  A search is underway off the coast of Brazil, in the hopes of finding the aircraft, which had 228 people aboard.

- The WaPo writes that US military and intelligence officials see a possibility for continued offensives by the Pakistani military in the Swat valley, combined with continued drone strikes near the Pakistani-Afghan border to seriously disrupt al-Qaeda in the region.

New From NDN

- Jake put together a backgrounder on Friday addressing the bankrupt Republican Party and bankruptcy policy. 

- Melissa posted on the President's weekly address, in which he promoted Sonia Sotomayor, his nominee for the Supreme Court.

One More Thing

- President Obama will speak in Egypt on Thursday, and he's already being compared to King Tut.

- On a recent trip to Five Guys burger joint, Obama learned about an intelligence agency he'd never heard of before.  Thanks, Five Guys!

- Last, Jeff Sessions seems to like Sonia Sotomayor, so perhaps there won't be much of a fight over her nomination after all.

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