Cash-guzzler

GM’s $15.5bn second-quarter loss isn’t the worst of it. The carmaker’s US operations are in freefall, liquidity is worsening and writedowns seem unending. Worse, GM has shown less willingness than Ford to face reality and focus on small cars. There’s little reason to hope that today’s multi-billion-dollar hit marks any sort of denouement. The company’s biggest headache is that Americans increasingly don’t want large cars and trucks. Its North American sales fell a stunning 33%. Not only does thi...