Apparently, the economy couldn't care less about our little election:
Analysts said only federal aid can prevent a collapse for GM, and reorganizing in bankruptcy may not be possible because the credit crunch has dried up financing.
GM reiterated yesterday that bankruptcy is ``not an option'' even as the stock plunged to the lowest since 1946 and Deutsche Bank AG said the shares may be worthless in a year.
Investors may be concluding that GM will fail. The shares slid 44 cents, or 13 percent, to $2.92 at 4:15 p.m. in New York Stock Exchange composite trading, chopping their value almost in half in a week. It was the lowest closing price since 1943.
Nancy Pelosi urged lawmakers to take ``immediate action'' before their new session begins in January. A GM failure that stops production would cost 2.5 million jobs in the U.S. in the first year, according to the Ann Arbor, Michigan-based Center for Automotive Research.I guess the decision to move away from electric cars and hybrids is looking pretty stupid right about now, huh GM?
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