A report came out from GM’s auditors this week that the company is not financially viable. I had to laugh when I saw this and laugh even more when the media was treating it as actual news. I know my dog is a dog…I don’t have to hang a big red flashing light around its neck that reads “DOG”. GM has already been infused with 13.4 billion government dollars and is requesting even more. Not to mention that the entire auto industry is selling about 5 cars a week total. I think it was obvious GM is seriously struggling, I wouldn’t consider this breaking news.
A few other measures of the economy showed no signs of turning around this week. ADP reported 697,000 private sector jobs were lost in February and a private measure of the services sector showed a decline for the 5th consecutive month.
The news of the Stimulus plan alone obviously hasn’t been enough guide the economy, let’s hope the execution of it will.