LA Times coverage can be found here.
Nothing to terribly unexpected here, after all with a recession comes a decrease in consumer demand and with that all the dominoes start to fall. If you look a little deeper though what you might see is a continuing trend of U.S. automakers. Yes every car company save for Suburu suffered losses this year… but the Americans were hit the hardest. Most every car company is strapped for cash… but the first to be asking for hand outs… are the Americans. The simple fact of the matter is that the American car companies can longer compete with their counterparts from Asia and Europe. The European marks are higher quality and last longer, the Japanese and Koreans are cheaper and more economical. Now I will grant that Ford has learned a few lessons from its European branch and has improved its quality… but it is still far from competitive. Additionally, GM and Chrysler continue to lag far behind even the likes of Ford.
That aside though, if not for this recession I would be completely for letting those companies fail, their products are woefully short of where they need to be to compete and that in itself should be more than enough to terminate the existence of these lumbering giants. Unless something is done at the top and quickly… even this bailout wont keep these guys from sinking.