"Felted" means they are broke, no money. As in, when a poker player is "down to the felt", no money left.
http://money.cnn.com/2008/11/07/news/companies/gm/index.htm?postversion=2008110711
I know they were talking to Chrysler about a merger, but I guess that didn't pan out. If GM tanks, things will get really bad really fast. As much as I hate the idea of a Government bailout, this one might be needed.
All that money that all the Oil company's banked in profits are the absolute direct result of the problems facing US auto makers now. I suppose the obvious question must loom here; Did NONE OF THE US CAR MAKER EXECUTIVES NOT SEE THIS COMING?
They never adjusted, or waited until it was too late to even start. America used to be smart, but I think we look stupider and stupider to the world. Give those "Executives" their big ass bonuses and send them packing. It really pisses me off to see this happening.
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