Quote:
Originally Posted by BigRigMike
Has a top 5 company ever gone bankrupt?
I remember reading that GM was close to being bankrupt but was saved due to it's size. But it has me thinking if it is possible for a company like GM, Ford, Caterpillar, or John Deere to go bankrupt. I mean if they go belly up that is a lot cash that is needed or if you liquidate you would need a lot of buyers.
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Nothing has ever hit the auto industry as it is being hit now. They are selling half the amount of cars they did last year, banks aren't giving consumers loans despite being given 750 billion to do just that
, and banks are not willing to lend the auto-industry money because they have none!
I know some of you think Jim Cramer is a nutbar but he hit the nail on the head the other night. Watch his video on this link where he sums up the whole American auto industry and the impact to our economy nicely:
http://www.cnbc.com/id/27647852/