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The American auto industry continues its downward plunge into nothingness once again today as GM announced that it had a third quarter loss of some $2.5 Billion due to tighter credit, an awful stock market and other conditions in the United States.
The automaker also has halted talks to acquire rival Chrysler LLC and announced $5 billion in additional cuts, which included trimming its salaried work force, laying off hourly workers and slashing capital spending.
The GM announcement came hours after Ford Motor Co. reported a third-quarter loss of $129 million and announced plans to eliminate more salaried positions and cut other operations.
The financial news also comes one day after Detroit's Big Three automakers asked Congressional leaders for at least $25 billion in aid.
Might I suggest that the Big Three make some cars that are actually worth driving? How about vehicles with better fuel economy?
The fact that the Bush Administration is tossing our tax dollars to the auto industry along with the banks and brokerage firms should not sit well with you.
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