Anyone notice, by the way... Obama says that GM will be survive by building "cars people want to buy"? ie- the little econoboxes that the government is going to mandate. But if they are the cars we want to buy, why do they have to be mandated? Wouldn't it be more honest to say that GM will survive by building cars that we're going to make you buy?
So. GM is headed got the pink sheets. The investors will get nothing. The creditors will get screwed. How is this different than just letting GM file for bankruptcy and/or go out of business months ago? The only difference is that now the government and the unions own a car company, and we paid for it. (or rather, we'll pay what we can for it, before we pass the debt on to our children)