Things aren't exactly looking bright in Detroit. It's not just Ford that is
going through some woes these days, because
GM on
Friday reported a $15.5 billion second-quarter loss, the third-worst
quarterly performance in its nearly 100-year history. That's a lot of money.
Like, a lot of money. Can you imagine what you could do with $15.5 billion? To
make matters worse, GM was actually in pretty decent shape during the same
period last year. When you look at the second quarter of 2007, General Motors
was able to pull out a net profit of $891 million. According to company
representatives, the turnaround in the money situation was largely due to "labor
unrest" and the "massive restructuring plan." General Motors was once the
largest car manufacturer in the world, a title that is now held by Toyota. With
rising gas prices, consumers are less inclined to buy big SUVs and pickup
trucks. When you break down the $15.5 billion, it gets even more depressing.
$172 million in a day. $7.2 million in an hour. $120,000 every minute. Ouch!