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GM's Rick Wagoner is turning to Chrysler, Toyota and the US government for support. The government should commit to giving support, but not in the form requested.

The banking sector isn't the only industry that is getting clobbered. American car manufacturers are getting hammered because of high oil prices, a consumer shift out of SUVs, and a general sales slowdown. So what is there to do? Cut.

GM is offering a sweet financing deal or some good cash back to clear out their 2008 models.