TheStreet.com's Jim Cramer says some of the latest gains could be lost, but it's not disaster -- it's business as usual.

How did people think this saga with General Motors (NYSE: GM) (Cramer's Take) was going to end, with Rick Wagoner receiving the Congressional Medal of Car Building?

Did anyone think that the company was actually going to turn around? Did anyone want Wagoner's GM to continue to get money? Did anyone think he was actually doing a good job?

How about the bad news out of the G-20? No stimulus. Did anyone really think that the Europeans were going to do more stimulus than they have, given that all they really think about is Weimar inflation, because that was the antecedent to the Third Reich? Who expects them to deliver anything good?

General Motors Corp. (NYSE: GM) and Ford (NYSE: F) are going in front of Congress today to ask for $25 billion worth of taxpayer money. (It seems they won't be flying in separate private jets.) GM will announce a reopening of its UAW contract and the winding down of its Hummer, Pontiac, Saab and Saturn brands. Ford will try to sell Volvo to the Swedish government. What's lacking from both plans at this stage is enough detail about cost savings to know whether taxpayers will get their money back.

As I posted, there is a $16 billion (in cost savings) six point restructuring plan which GM could have used, but it chose a different path. The six-point plan involved closing or selling the four brands and their related dealerships. GM's plan proposes to slowly wind down these brands and keep the dealers. It has been trying to sell Saab but no takers have emerged.

Moreover, GM workers remain higher paid than workers of its Japanese competitors. For example, UAW workers make an average of $76 an hour, including the cost of retiree benefits. Toyota Motor Co. (NYSE: TM) workers cost, all in, about $18 an hour less. It is unclear how much GM plans to cut from UAW pay by reopening the contract. Absent more details, today's GM restructuring plan does not provide a clear path to profitability.

General Motors (GM) reported a net loss of $3.2 billion, or $5.62 per share this morning. This figure included one time charges for writing down announced costs associated with buyouts for almost a third of its factory employees. Excluding charges, GM posted a profit of $2.03 per share which easily topped estimates of $0.55 by analysts polled by Thomson Financial.

Total revenues for the second quarter rose to $54.4 billion from $48.5 billion as revenue from auto sales rose 11 percent to $45.2 billion from $40.4 billion. The company stated that global automotive operations, excluding charges, posted their first profit excluding charges since 2004.

GM has been enjoying a great year so far, mostly resulting from the massive reduction in it's workforce. But the company realizes that it needs to do more than just cut costs to keep the good times rolling.

"We know we have to develop and build great cars and trucks to grow our business and we're encouraged by the recent success of our newest vehicles, particularly in the U.S. market," GM Chairman and Chief Executive Rick Wagoner said. "Our newly launched vehicles will account for about 30 percent of our U.S. retail sales this year and grow to 40 percent next year."