General Motors released its third quarter results and announced it lost $4.2 billion. The NY Times says the automaker is "closer to running out of cash," as GM said, "G.M.’s estimated liquidity during the remainder of 2008 will approach the minimal level necessary to operate its business.” GM has suspended merger talks with Chrysler and will concentrate on ways to stop the bleeding, like cutting white-collar jobs and other restructuring. The Big Three automakers--GM, Ford, and Chrysler--and the United Auto Workers union are hoping the federal government will help bail out the auto industry. In other auto-related news, gas prices are down in the region.
GM is "Closer to Running Out of Money"
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