How do you lose $84.7 Million in a day?
Saturday, February 28th, 2009I have this new nightly habit of watching the CNBC show Squawk Box for news about the economy. It’s an interesting program with a bunch of very knowledgeable hosts and guests. It’s also actually very entertaining considering the topics that they discuss, it sure beats getting bored to death watching Bloomberg.
Anyway, I was watching it the other night and it reported that General Motors Corp., the 2nd largest automaker in the world and manufacturers of cars such as Chevrolet, GMC, Hummer, and Daewoo, among others, posted a loss of $30.9 Billion Dollars last 2008. This equates to them losing roughly $84.7 Million in a day! Think about it, that’s 4.1 Billion Pesos everyday! If that doesn’t blow your mind I don’t know what will. The amount that they lost last 2008 is more or less equal to the entire GDP of the Philippines. That means if we measure the total value of all final goods and services produced in the Philippines in 2008, we would more or less get the value of what GM lost last year.