I don’t even want to finish that phrase. Some are predicting now that GM may only exist for another couple of months. From CBS News:
The White House says neither General Motors nor Chrysler submitted acceptable plans to receive more bailout money, setting the stage for a crisis in Detroit and putting in motion what could be the final two months of two American auto giants.
President Barack Obama and his top advisers have determined that neither company is viable and that taxpayers will not spend untold billions more to keep the pair of automakers open forever. In a last-ditch effort, the administration gave each company a brief deadline to try one last time to convince Washington it is worth saving, said senior administration officials who spoke on the condition of anonymity to more bluntly discuss the decision.
This is ominous news indeed. If we thought unemployment was bad now, wait until these mega-corporations go under. It won’t just be a ripple effect, it’ll be a tsunami. We’d all better buckle up.