By Robert Presser on June 18, 2009
Late last week, General Motors and Ford announced a combined third quarter loss of $7.2 billion US. In other years, this would be considered catastrophic as an annual loss figure, but in the current economic context it was expected since new car purchasing in the US has fallen to a 25 year low with no sign of immediate recovery. GM has put its potential acquisition of Chrysler on hold and now all three major US automakers are appealing to the US government for $25 billion in low interest loans on top of the $25 billion handout they were previously offered for retooling their product lines...
