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GM - Turning things around. Yeah, right.

General Motors posts $9.6B 4Q loss, burns through $6.2B of cash while seeking government loans

The above comes from the following article:

http://biz.yahoo.com/ap/090226/earns_gm.html

According to the article, GM "lost $30.9 billion for the full year and expects to state in its upcoming annual report whether its auditors believe the company remains a "going concern." GM and its auditors must determine whether there is substantial doubt about the automaker's ability to continue it operations."

"Substantial doubt" ? During every day of 2008 (including weekends and holidays), they lost about $84.5 million in each of those days. During 4Q08, they lost $15.71 per share. The cash burn for 2008 was $19.2 billion and, according to their CFO, he expects that they will be able to reduce that cash burn to "only" $14 Billion for 2009 and even then would still need more from the government. Their survival now depends on further taxpayer-guaranteed loans.......and still their auditors must determine whether or not there is "substantial doubt" as to whether or not GM is viable?

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Ford continues to turn down the money

but they became and remain involved as negotiations with the UAW impact operations and should the supply lines falter due to problems with GM and Chrysler, Ford will be up a creek too.

I saw this video this morning and found it interesting:

Who Benefits From GM/Chrysler Bailout?
(connecting the dots-very interesting and...it figures there is more to it than meets the eye)

www.youtube.com/watch?v=hstWSw63c1E

Is it true that Ford was the

Is it true that Ford was the only one of the Big 3 to turn down bailout money? Or was it only the recent one?

No Bailout money taken by Ford...

YET!

Preparation through education is less costly than learning through tragedy

They have said that, in their own situation, they aren't

currently inclined to take advantage of taxpayer-guaranteed loans.
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"An economy built on fiat money is a society on its way to ashes."

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"An economy built on fiat money is a society on its way to ashes."