Kidding? Nope. They cut 15% of salaried last week. Pay cuts for all remaining people. I have a number of people close to the industry in Detroit that I speak with often. Plants have been closing right and left. I'd love to hear Goldman say they're cutting salaries. The spoiled little Ivy league kids would throw tantrums and then Paulson would march in and intervene getting them even more money to piss away. The crux of the problems are not with the auto sector but rather with financials.
GM et al would have gone bankrupt years ago if the banks hadn't let people convert home equity into automobiles. The only way the automakers could sell all those profitable SUVs was because the banks and asset-backed securities investors were giving out free money to any one that could hold a pen to a loan document. Personally, I fear GM's target sales figures are still too optimistic. The U.S. neither needs nor can afford as many new cars as GM would like to make.