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COFES Blog
Nov
3
Written by:
Russ Henke
11/3/2008 6:02 PM
Further to the 10/28/08 blog entry in this space….
Today, on the eve of Election Day, the news broke that Bush 43’s Treasury Department has turned down a request by General Motors for a mere $10 billion to help finance the automaker’s possible merger with Chrysler.
Meanwhile, it was announced today that GM's US sales plunged 45% in October 2008, the worst drop of any major automaker. Indeed, if GM's sales were adjusted for US population growth, October 2008 would be the worst month for GM since World War II. (For its part, Chrysler’s sales dropped 35% in October 2008).
The jobs of hundreds of thousands of US auto workers hang in the balance.
Simultaneously, Bush 43’s Treasury Department said today that it plans to borrow more than $500,000,000,000 in the current October-December 2008 quarter. And as its parting gift to the next administration, the government will likely have to borrow another $368 billion in the first three months of next year; moreover, the government's borrowing for the whole of next year will probably total an unprecedented $1.4 trillion, based on current commitments.
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