Jim Cramer: GM Screwed, Is The Citigroup Of Automakers

Detroit's big players may be better off using Chapter 11 to come back from the brink says Jim Cramer, he of the Maddest Money, on BloggingStocks.com. His rationale? If gas prices stay where they are, there simply aren't enough GM products that people want, and there are way too many GM products that no one wants. He also feels a little less than bullish on Ford. Cramer is also wondering why, with automaker stock prices so low (as of this writing Ford is at a pathetic, though slightly improved, $5.32) the "value people" aren't sweeping in to buy up these companies (ahem, some are). Then he provides a Cramer-esque contradiction.

Cramer says, "We marvel that this can be happening, but the falloff in sales is so pathological that I don't see how these two just don't run out of money." He then says that if the stock bounces, the value people have a "chance to make your move!" (exclamation point his). We beg to differ. While we're not especially optimistic about the condition of the Detroit automakers, you have to be a little cracked to think the next president is going to let his term start with the downfall of one of the big three. [BloggingStocks]