Don't kid yourselves, and don't pity the pigs at the trough. Long ago GM's core business became lending (GMAC), and vehicles the conduit by which they ensnare

Don't kid yourselves, and don't pity the pigs at the trough. Long ago GM's core business became lending (GMAC), and vehicles the conduit by which they ensnare borrowers. It doesn't matter if they're ugly and unreliable as long as people sop up the 'Buy American!' bullshit and keep borrowing. They got sloppy with running the business while they were getting drunk over at the debt trough. Don't pity the executives and shareholders, they either knew what they were doing or lied to themselves - both feats worthy of losing their shirts in a bankruptcy restructuring. They did this to themselves and deserve the consequences. The blog is right, bankruptcy stands the best chance of keeping the right number of people gainfully employed at a new debt-free GM.