Posted 2/17/2009 06:38:00 PM by Douglas

GM, Chrysler need to start making forks, and then poke themselves with them, because they are done!!

General Motors and Chrysler LLC presented their updated turnaround plans to the federal government Tuesday and said they could need an additional $21.6 billion in federal loans between them because of worsening demands for their cars and trucks.

The two firms also detailed plans to cut 50,000 jobs worldwide by the end of the year. In addition, GM plans to close five more plants in the next few years and confirmed it will drop some of its weaker brands.

GM said GM when all is said and done, it could need a total of $30 billion by 2011, which includes the $13.4 billion in federal loans it has already received. GM will most certainly need $9.1 billion in additional loans and could require another $7.5 billion in the next two years if auto sales don't improve.

Chrysler said it now needs $9 billion, up from the $4 billion loan from the Treasury Department in December. Chrysler said it will need that money by March 31.

So last year, they both low-ball, then come back for more than twice than what they asked for? Noticeably absent? Ford, Nissan, Honda, Toyota and Hyundai. We all know the economy is crap, but when you're crying for help, while other in your industry are still hanging on. . . .maybe it's you.