Mondo Times Money Poll Archive

This poll ran from November 8 to 16, 2008.

Mondo Stars Poll Results

"General Motors is going to go out of business." True 362/38% False 598/62%

Votes: 960

Art Hogan, chief market strategist at Jefferies & Co., quoted by Kate Gibson of the financial news web site MarketWatch on June 26, 2008. Hogan said: "General Motors is going to go out of business, at least according to Goldman Sachs."

On Friday, November 7, 2008, General Motors Corporation reported a third-quarter loss of $2.5 billion and warned that it might not have sufficient cash flow to continue operating in 2009.

"There just aren't a whole lot of options left for GM," Erich Merkle, auto analyst at Crowe Horwath LLP, said. "The company probably won't survive without federal intervention. The question for our government is whether it's cheaper for taxpayers to keep the industry alive or to let them go under."

In late September, the U.S. government approved $25 billion in loans to American car manufacturers, to help them produce more fuel-efficient vehicles. But auto industry executives are pressing for more financial aid.

GM has joined with Ford Motor Company, Chrysler and the United Auto Workers union in asking for a U.S. government rescue package of $10 billion or more. Backers say it is needed to keep the industry from collapse. U.S. auto sales plunged to 25-year lows in October.

Since the beginning of 2008, GM shares have lost 82% of their value. They closed Friday at $4.36, down 44 cents for the day.

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