Auto Industry Meltdown: It's Not Just GM and Chrysler Who Are Losing Money

Oklahoma politicians (read: Sens. Inhofe and Coburn) are "outraged" at President Bush's promise to bail out General Motors and Chrysler.

Never mind that a collapse of the auto industry would be very bad news for the U.S. economy, putting many thousands of workers out of work.

This week we learn that it's not just those (supposedly) overpaid UAW workers and the (allegedly) mismanaged American auto manufacturers who are facing the downturn.

Here's the telling headline from the New York Times:

Toyota Expects Its First Loss in 70 Years

Here's the link to the Times story.