Today, November 7th, GM reported a loss of $4.2 billion or $7.35, a big increase from the $1.6 billion that was reported last year's 3rd quarter. Analysts like Thomson Reuters, predicted a loss of $3.70 a share though they lost about double that.

From America's biggest automaker, how could they be losing so much money? Does everyone in America have a car? Chris Isidore of CNN Money said General Motor's Chief Executive Rick Wagoner, wouldn't talk about GM needing to file for bankruptcy in a conference call.

"We're convinced the consequences of bankruptcy would be dire and extend far beyond General Motors," Wagoner said. "We need to find a way to get through this and that's our focus."

Even worse than them going bankrupt, think of all the people being laid off. With 45 percent plunge in U.S. sales, I'm not too sure what they're going to do.

"It's going to be a very bad earnings announcement," said David Cole, chairman of the Ann Arbor-based Center for Automotive Research. "It's going to be bad enough to get everyone's attention."

Via [CNN Money] and [LSJ]