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The economy of the United States is clearly in dire straits. It has not yet managed to stay afloat, in spite of the recovery program of the Obama Administration. The real work has indeed just begun. The car makers over at Detroit are feeling the brunt of the economic assault.

According to ABC

DETROIT, MI — Today is the day when 1,100 General Motors dealerships find out whether GM will renew their franchise agreements when they expire at the end of September 2010.

The news comes a day after Chrysler announced that it would sever relationships with 789 dealers, in an effort to cut costs and keep existing dealers from competing with one another.

At Chicago’s oldest dealership — selling cars since before Chrysler existed — owner Stanley Balzekas summoned his employees Thursday.

Another one from the Wall Street Journal

Determined to avoid the huge costs involved with cutting Oldsmobile-brand dealers earlier this decade, GM has said it will draw down dealer inventories and allow contracts to run out naturally.

Franchise contracts in most states prohibit auto makers from abruptly shutting down stores without a legal settlement. Additionally, auto makers typically agree to buy back unsold dealerships when they shutter a store.

This time, GM is preparing to close stores by refusing to renew contracts with what it considers underperforming dealers, a person familiar with the matter said. Most of GM’s contracts with dealers expire in October 2010.

The company has said it is aiming for an “orderly” process in which it draws down inventory so as to avoid being saddled with excess inventory from shuttered dealers.

This one is from bizjournal

Whatever the source is, it seems that the American society is still up for some shock. I wonder which part of the economy will be next hit.

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The Bush Farewell Speech | Transcript of Bush Farewell Speech is presented below.

This is a momentous event in history when the United States sees a big change in its national leadership. While George W. Bush has been criticized for much of his government’s policy, one can say that he did what he can based on the framework of governance he had in his mind, together with the platform of his Republican Party.

I’m not an American so I don’t really know how most Americans view their outgoing President. But one thing is clear, George W. Bush is delivering his farewell speech.

Watch the Bush Farewell Speech video | Watch Bush Farewell Speech online.

Here’s the transcript of Bush Farewell Speech.

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Fellow citizens: For eight years, it has been my honor to serve as your President. The first decade of this new century has been a period of consequence – a time set apart. Tonight, with a thankful heart, I have asked for a final opportunity to share some thoughts on the journey we have traveled together and the future of our Nation.

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