All Blog Posts from Econwatch

This post by Jill Schlesinger originally appeared on CBS' MoneyWatch.com.

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With two months to go in the year, let's take a deep breath and assess where we stand. The economy is in a bottoming process that is neither smooth nor wildly different from previous economic recoveries. The weekend news of CIT's bankruptcy, 9 more bank failures (that makes it 115 closures for 2009) and this morning's better-than-expected earnings from Ford, can sometimes make it seem that recovery from the Great Recession is a fickle as the direction of the wind.

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With all the hoopla around the one-year anniversary of Lehman Brothers' plunge into bankruptcy (we need a Miss Manners consult to determine the correct gift to honor such an event), what has really changed in the lives of ordinary Americans?

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The Chicago Cubs organization is considering filing for bankruptcy in a move that could expedite its sale, according to a Bloomberg report Monday.

The Tribune Co., the team's owner, filed for bankruptcy protection in December. A filing by the Cubs would be separate from its parent company and could insulate the team from the Tribune's creditors, four sources told Bloomberg.

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General Motors isn't worried about Chapter 11. All they're focused on is "Chapter One."

At least that's the message the automaker is hawking in its new 60-second ad set to begin airing Wednesday.

The spot, heavy on sports imagery and self-effacement, centers on the theme of reinvention – the new GM's goal after it emerges from the bankruptcy process it entered into Monday.

"Let's be completely honest. No company wants to go through this," the ad begins.

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Fresh off the government's forced bankruptcy of General Motors, the failed automaker's CEO said he is both an optimist and a realist.

"We're open for business," Fritz Henderson told The Early Show Tuesday, adding, "customers can feel very confident" in the company honoring its warranties.

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This story was written by Prerana Swami and Anna Aulova.

Although GM announced less than 24 hours ago that it would file for bankruptcy, the debate over governmental involvement in one of America's largest auto companies has long been raging online.

As far back as November 2008, NYU Law Professor Michael E. Levine was calling for bankruptcy for the company in the Wall Street Journal, stating that it was the best option for the auto giant.

"GM as it is cannot survive without long-term government life support. If it gets that support, it can't change enough and won't change fast enough," Levine wrote."It's the only option that merits public support and actually has a chance at succeeding.”

After the announcement Monday, many took to the blogs to express their views and their hopes for the auto giant.

In an editorial for the Huffington Post, the Michigan-born filmmaker Michael Moore bid a farewell to GM 20 years after his documentary "Roger And Me," which detailed Moore's efforts to confront then-GM CEO Roger Smith about the closure of a plant in Flint, Michigan, was released.

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As part of General Motors' bankruptcy filing, the automaker will be closing 9 new plants and idling three. The company will also close three service and parts centers.

Below is a list provided by GM, along with the effective dates (which may come earlier, as the market demands):

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Two perennial corporate titans are being replaced on the world's best-known Wall Street barometer.

Dow Jones is pushing out newly bankrupt automaker General Motors and financial giant Citigroup from its industrials index in favor of Cisco Systems and Travelers Companies, Inc., respectively.

The move will be effective June 8 and reflects the two companies' turbulent recent history.

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Taxpayers may never get back billions of dollars lent to Chrysler, according to various reports.

Testifying in bankruptcy court on Monday, one of the top financial advisers overseeing Chrysler's restructuring said the U.S. government may never get back its loans to the company.

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The announcement today that Chrysler is filing for bankruptcy came with something of a populist outburst from President Obama. The president sought to portray the move as an important step towards the Chrysler's eventual revival, and lauded the sacrifices made by the autoworkers' union and the majority debt holders. But he also took a swipe at hedge fund managers for what he described as their decision to hold out for a taxpayer bailout.

"I don't stand with them," Mr. Obama said. "I don't stand with those who held out when everybody else is making sacrifices."

There were strong words, but they left us wondering: What is really going on here?

To find out, we asked CBS News business Producer Guy Campanile to break down Chrysler's collapse and talk about how the fallout will impact investors.

CBSNews.com: Do we know who these investment firms and hedge funds are that the president is criticizing?

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