GM in Dire Straights

Look out, U.S. auto industry:

DETROIT, Mich. (AP) -- General Motors Corp. says it lost $2.5 billion in the third quarter and warned that it could run out of cash in 2009.
GM also said it has suspended talks to acquire Chrysler.

The automaker also said its cash burn for the quarter accelerated to $6.9 billion due to a severe U.S. auto sales slump.

The company on Friday reported a net loss of $4.45 per share during the quarter, compared with a record-setting loss of $42.5 billion, or $75.12 per share, a year ago.

Revenue fell to $37.9 billion from $43.7 billion.

And there's also this:

GM SAYS UAW RETIREE HEALTH PLAN WON'T EXIST AFTER JAN. 1 2010

To paraphrase the good Rev. Jeremiah Wright: "GM's union contracts.......are comin' home to roost."