Although auto sales are way down for October, things will get worse for the U.S. auto makers. GM and Chrysler were the hardest hit of all manufacturers. GM's sales were down 45% from October 2007, Chrysler was down 35% and Ford suffered a 30% decline.
GM was unable to convince the Treasury to 'loan' it $10 billion. Now the Big 3 are waiting on the Energy Department to 'loan' them $25 billion to develop more fuel-efficient vehicles. Why do we taxpayers have to finance something that smart companies financed on their own?
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