"General Motors Corp. fell for a fifth day in New York trading as House Speaker Nancy Pelosi urged Congress to pass an emergency rescue package for the ailing U.S. auto industry.
"Lawmakers should take 'immediate action' before their new session begins in January, Pelosi, a California Democrat, said today in a statement. Analysts said only federal aid can prevent a collapse for GM, and reorganizing in bankruptcy may not be possible because the credit crunch has dried up financing.
"'Strategic bankruptcy is not an option for GM,' said Mark Oline, a credit analyst with Fitch Inc. in Chicago. 'This is an issue of operating or not operating.'"