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This is part of a weekly series about the auto industry. Record-high oil prices and a global slowdown have contributed to a crisis in the sector, and this column will highlight some of the interesting stories that emerge as that crisis plays out.

The bad news keeps coming for General Motors (NYSE: GM). Yesterday, Goldman Sachs (NYSE: GS) announced that it will no longer cover the company.

A Goldman analyst said that there is no way to value GM or set a price target given the uncertainty surrounding the company. GM needs $22 billion in new capital, but no one knows where that money will come from, if it will come at all. Even the remarkably generous U.S. federal government is now cooling to the idea of a bailout of the automakers. And at this point, it's pretty much the federal government or no one.

It's interesting to note that at GM's current share price of $3, the company has a market cap of less than $2 billion. Providing more than ten times that number in aid is not exactly an attractive proposition.

And there was yet more bad news this morning as three major insurers announced that they would no longer provide credit insurance for suppliers of GM and Ford Motor (NYSE: F). The three insurers -- Euler Hermes, Atradius and Coface -- are little known in the U.S. but they play a crucial role in providing insurance against companies failing to pay their bills. Together, the three control 80% of the global market for credit insurance.

The withdrawal of this insurance will be felt most powerfully in Europe, where Ford and GM have substantial operations. U.S. suppliers typically operate without such insurance, but in Europe it's the norm. While the loss of this coverage may not be catastrophic, it looks like another moment in the downward slide of the American automotive industry.

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