CHINA closes 67,000 FACTORIES-GM cost for bailout? 200 BILLION!

Courtesy of the NY TIMES:

China Stats:
GDP: 9.74%
Inflation: 6.43%
Unemployment: 4%*
Markets: -64.92%
Gallon of gas: $3.48
Interest Rates: 6.66%
The slowdown in exports contributed to the closing of at least 67,000 factories across China in the first half of the year, according to government statistics. Labor disputes and protests over lost back wages have surged, igniting fear in local officials. I sat in disbelief reading today’s Shenzhen local paper stating that Some 9,000 of the 45,000 factories in the cities of Guangzhou, Dongguan and Shenzhen are expected to close down in the next three months according to the Dongguan City Association of Enterprises with Foreign Investment estimates. Those closures would see up to 2.7 million jobs cut as overseas demand for consumer goods and clothes fades, that’s more than 50,000+ a day if you believe official figures, which I do not, and I believe number is actually higher.
http://www.bloomberg.com/apps/news?pid=20601087&sid=a0Ee7HIsw7Ao&refer=home

Nov. 15 (Bloomberg) -- General Motors Corp., burning through cash as sales slump, would cost the government as much as $200 billion should the biggest U.S. automaker be forced to liquidate, a forecasting firm estimated.

A GM collapse would mean ``more aid to specific states like Michigan, Ohio, and Indiana, and more money into unemployment and extended benefits,'' Nariman Behravesh, chief economist at IHS Global Insight Inc. in Lexington, Massachusetts, said yesterday in an interview.

Behravesh's projection of $100 billion to $200 billion in costs dwarfs the $25 billion industry bailout plan that will be debated in Congress next week to prop up Detroit-based GM, Ford Motor Co. and Chrysler LLC. The drain on taxpayers from a rescue or a GM failure is a central issue for U.S. lawmakers. General Motors also pleaded Monday for a billion-euro credit guarantee from the German government to help its Opel subsidiary.


BUSH: "US could have had a depression *greater* than the Great Depression" Admitted this to the press, on live TV, in his own words, after the G-20 economic summit today. Shocked The statement has only been briefly mentioned in the news, why?