Auto makers have just reported their '08 October Sales and they weren't good.

In fact, the New York Times writes, "Sales of new cars and trucks in the United States plummeted in October to levels not seen in the auto industry in 25 years," and attributes the decline to "the inability of many eager shoppers to get loans because of tight credit," as well as "unstable gas prices" and "a weak economy."

Leaders Hit Hard

According to MarketWatch, General Motors was hit hardest with a 45% drop in sales. Chrysler reported a decline of 35%, while Ford's was 30%. And it's not just American auto manufacturers either -- Japanese giants Toyota and Honda reported sales drops of more than 20% and Nissan fell nearly 33%. Meanwhile, German luxury brands Mercedes and Porsche posted declines of 34.3% and 50.1 %, respectively.

As the auto industry plummets, Detroit's Big Three struggles to keep afloat. GM has announced more aggressive "Red Tag" car deals for November to bring consumers back into the showroom.

But many believe more government intervention is required to carry Detroit through the current slump. The Motor & Equipment Manufacturers Association (MEMA) sent a letter to President George W. Bush yesterday urging him "to create a new loan program for the auto supply industry under the $700 billion Troubled Asset Relief Program passed by Congress last month to shore up U.S. financial institutions in the face of a global credit crisis," writes Reuters. To date, the Bush Administration has promised American auto makers $25 billion in loans to help keep them stay in business. However, it could be some time before automakers see a dime of that money. "While energy officials have said it could take 18 months for the money to reach the industry, industry officials say the administration has sped up the process, and hope to see some loans made early next year," reports the Detroit Free Press.

Fates Caught In The Politics

With Detroit being a key state in today's Presidential election, writers like Steve Parker of the Huffington Post are taking advantage of the crisis to argue for Democratic candidate Barack Obama. Parker writes: "Americans should know that only Barack Obama has offered to meet with the heads of the Detroit Three and the UAW immediately after his election, and that he still remains in favor of the original $50 billion bailout which Detroit's car-makers have asked for, not the $25 billion which the Bush White House (and, not surprisingly, John McCain) has said should be ‘enough.'"

Whoever wins today's election will surely have his job cut out for him. The fates of thousands of American jobs lay with not only the Big Three, but with foreign carmakers who employ American workers. One thing the rest of us can do to help: buy a car.