While this news isn’t very heartening, let’s try to look on the bright side. At least when the automakers go to purchase steel to make cars, the steel will be at a greatly reduced rate so they should be able to cut their losses to the point they may actually make money. And, according to our good President Obama, this would bode well for the US population because if GM and Chrysler can be turned around and make money, our investment of however many billions of dollars will pay off and we’ll all get additional tax breaks. So, there you have the silver lining to the dark cloud of the depressed steel market outlook. It’s ok, no need for a standing ovation, just send me money so I can buy one of those new cars.

While I’m not in favor of giving everybody a handout as part of a stimulus package, it seems the Germans have come up with a deal that is having a pretty immediate impact on their economy. Perhaps the US government should have thought of something like this instead of just handing automakers huge bailout checks.