Toyota's grim warning

Toyota (TM) is the world's largest car company and probably the one with the strongest balance sheet. So when Toyota catches a cold, much of the industry gets pneumonia.

Toyota is warning of two more lean years in the global auto industry. That should chill GM (GMGMQ) and Ford (F) to the bone, since both are counting on at least a partial recovery to return them to profitability. The Treasury should take note as well. The money it has put into Chrysler and GM may be inadequate.