Friday, November 07, 2008

The End of Detroit?

$GM reports a $2.5B third-quarter loss. General Motors Corp. said Friday it lost $2.5 billion in the third quarter and warned that it could run out of cash in 2009 if the U.S. economic slump continues and it doesn't get government aid.

You know, Nancy Pelosi and Harry Reid were talking to the auto companies yesterday.  (And the Unitied Auto Workers union).  The CEOs of General Motors, Ford and Chrysler, along with the president of the United Auto Workers union, met yesterday with House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid to discuss billions of dollars more in financial help for the companies. You have to wonder if the auto companies are doing whatever they can to get out from under the union contracts that are just killing them

Both $GM and $F stocks getting CRUSHED.

So CNBC asks if the bailout money will be made available to GM.  Uh, how much was in that bailout package?  Can't be enough to cover every company out there going under.  Banks, insurance companies, now autos?  What's next? $GE?

Everyone wants a government hand out.

And Obama is having a press conference, which CNBC is touting.  Now the President-elect has to be specific about his plans.  Can't just say "Hope and change and bring everyone together" like he did for the past two years.