Ford and GM troubles multiply

Moody's have lowered the credit rating of both Ford and General Motors to junk status. The employee discount plans run by these two carmakers out of desperation, have definitely helped their sales but has been like a going-out-of-business sale for them. The discount programs have been extended further and it is hard for anyone for us here at eCreativa Media to imagine that car companies would ever be able to sell the same cars again at full prices.

GM, in particular, has many serious financial challenges, and things are not going particularly well for its GMAC subsidiary.