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With Chrysler and General Motors completing their bankruptcy proceedings and continuing on with their restructuring, it may seem ridiculous that President Barack Obama still finds the need to defend the government bailout of the two companies.

But that is exactly what he did during a speech at a Michigan community college recently. Obama said that if nothing was done, then the economy would have experienced a catastrophe due to the massive loss of jobs.

More details can be found here. What do you think? The bankruptcy's pretty much a done deal.