There is no miracle here, but, GM is willing to trim down and support the automotive needs of the American people. We can't walk away from that. They were loyal to this country when the wars called them into service as well, we may or our children may in the future need them again.
It'll come around. It is NOT a miracle and no one is promising it will be one, but, the promise is that there will be recovery. There will be, we have to reclaim our country and do it the right way. The right way is the progession to an economy that will SUSTAIN the needs of the American Consumer and the American Consumer's Conscience.
I trust Barak. I trust his methods. I love his transparency. It will happen. Confidence has to return and it takes time.
GM posts huge $9.6 billion fourth quarter loss (click title to entry - thank you)
Thursday, 26 February 2009 12:46
General Motors has posted a whopping $9.6 billion loss in the fourth quarter which pushed its 2008 loss to $30.9 billion.
GM said the results reflected the global economic crisis and industry-wide collapse in vehicle demand, and warned that 2009 will also be a 'challenging' year.
'2008 was an extremely difficult year for the US and global auto markets, especially the second half,' GM's Chairman and CEO Rick Wagoner said.
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'These conditions created a very challenging environment for GM and other car makers, and led us to take further aggressive and difficult measures to restructure our business,' he said.
'We expect these challenging conditions will continue through 2009, and so we are accelerating our restructuring actions,' he added.
General Motors says that its fourth quarter revenues dropped to $30.8 billion from $46.8 billion in 2007.
The 2008 results were still an improvement on those for 2007, however, when GM posted a $43.3 billion loss as annual revenues fell to $149 billion from $180 billion in 2007.
General Motors has posted a whopping $9.6 billion loss in the fourth quarter which pushed its 2008 loss to $30.9 billion.
GM said the results reflected the global economic crisis and industry-wide collapse in vehicle demand, and warned that 2009 will also be a 'challenging' year.
'2008 was an extremely difficult year for the US and global auto markets, especially the second half,' GM's Chairman and CEO Rick Wagoner said.
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'These conditions created a very challenging environment for GM and other car makers, and led us to take further aggressive and difficult measures to restructure our business,' he said.
'We expect these challenging conditions will continue through 2009, and so we are accelerating our restructuring actions,' he added.
General Motors says that its fourth quarter revenues dropped to $30.8 billion from $46.8 billion in 2007.
The 2008 results were still an improvement on those for 2007, however, when GM posted a $43.3 billion loss as annual revenues fell to $149 billion from $180 billion in 2007.
