Welcome to the poor house, GM

And it’s official. General Motors is in bankruptcy and will soon be owned by Uncle Sam — in other words, you and I have our little share of the guvmint’s 60 percent of GM.

Meanwhile, GM’s emaciated little rival Chrysler, whose cars apparently are unable to compete on the market, is ready to be sold off to Fiat, the Italian carmaker who wants to be a global player.

The closure of Chrysler and GM dealerships has yet to be really felt. That will come into play as all those people lose their jobs and find themselves joining the 10 percent of unemployed workers already looking for work.


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