This is where money is made and lost. But with uncertainty about the stability of America's largest banks and mounting worries about the state of General Motors, today was all about loss. For the first time, General Motors has admitted their substantial doubt over whether their company will be able to survive.
On that announcement, shares in the US car giant, plunged almost 18%, dragging the market down with it, US stocks closed yesterday at their lowest levels for more than 12 years with the Dow Jones down more than 4%.
Investors fear that GM's demise will send shock waves through the US economy.
"The first and most immediate effect of, of a GM bankruptcy would be, uh, massive layoffs, would be layoffs at General Motors and would also be layoffs throughout the whole chain, the whole supply chain of the auto industry. There have been a number of different estimates as to what that would be, but I think it's safe to say in an already weak job environment that would, you know, a bankruptcy of GM could create hundreds of thousands of new job losses over the next several months."
The sheer size of General Motors and the amount of money it says it needs to survive is mind-boggling; GM's posted losses of 82 billion dollars in the last three years. They've already borrowed 13 billion dollars from the US government to tide them over as they try to restructure the company, but now they say they need another 17 billion.
GM Europe which owns brands such as Saab and Vauxhall, is attempting to break free from its struggling parent company. They are asking the British government for 440 million pounds, the Spanish government for 600 million and an even greater sum from Germany.
But car sales across the globe are still nose-diving, if they are to secure the cash they so desperately need to survive, General Motors will need to convince Barack Obama and governments around the world that their business is still viable.
Richard Suchet, Sky News
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