UPDATED -- This post on GM's announcement has been updated with information from their financial report today. NOT GOOD NEWS.
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We're following the announcements today by Ford and General Motors of their 3Q2008 financial reports.
The news is grim, worse than expected:
Will it be a Black Friday in automotive country?
UPDATED — Ford confirms: it’s a Black Friday
UPDATED -- GM seconds the motion: Black Friday gets darker yet
Today's meeting between President-elect Obama, Vice president-elect Biden and the new 17-member team of economic advisers cannot have come too soon, given the gravity of the news that emerged from GM in particular.
Note that two of the economic team -- Michigan's Gov. Jennifer Granholm and former Congressman David Bonior -- are strong representatives for Michigan, the auto industry and labor. We can only hope that they will communicate the severity of the crisis and the likely impact on the economy if the auto industry cannot find a way to survive the downturn.
Stay tuned for more coverage at Michigan Messenger.