MORE MARKET FAILURE

The executives at GM, Ford, Chrysler and some auto-parts makers failed to anticipate the obvious and haven't put enough R&D into fuel-efficient vehicles. This is one more example of the Free Market Fairy failing us. And just like in the financial industry, the Federal government will be asked to pick up the slack.

GM, Ford Seek $50 Billion From U.S., Double Request (Update3)

By Jeff Green

Aug. 22 (Bloomberg) -- General Motors Corp., Ford Motor Co., Chrysler LLC and U.S. auto-parts makers are seeking $50 billion in government-backed loans, double their initial request, to develop and build more fuel-efficient vehicles.