Despite all the government assistance and talk of providing more, GM lost $6 billion last quarter with earnings dropping by 47%.
GM executives say car buyers are turning away from GM out of concern the company will end up in bankruptcy and wonâ€™t honor its warranties. Could the prospect of bankruptcy help force bankruptcy? To put it dramatically, is GM in a death spiral?
The company has until June to provide the government a restructuring plan. But another quarter like this past one is going to make Americans extremely wary of handing out yet another bailout.