In much the way the Obama administration celebrates when it “only” sees 500,000 job losses in a month, GM is celebrating the fact that they “only” lost $1.2 Billion this quarter.

Hooray!

GM execs are doing their best to spin the number, which is slightly better than previous quarters, as a major victory for the company.

“There are some signs of stability,” said Chief Executive Fritz Henderson said.  “The underlying business, relative to the projections that we had going into bankruptcy, has actually performed better.”

Henderson, you may remember, was Obama’s hand picked replacement for previous chief exec, Rick Wagoner.  The Obama administration fired Wagoner after he resisted the administration’s forced bankruptcy plans. 

Of course, GM’s Chairman, Ed Whitcare also raised a few eyebrows when he infamously claimed “I don’t know much about cars.”   So, congrats to GM for “only” losing $1.2 Billion.  Whitcare’s knowledge is obviously paying off.

Is now a good time to remind everyone that Ford, the only big three automaker to reject the bailout, is posting profits?

No?

OK, sorry.

- Robert Laurie