There seems to be support gathering to bail out GM. As I've blogged several times on the reasons GM has arrived facing bankruptcy, I would not vote to save them. All of the so-called "big three" do not deserve to be bailed out using taxpayer dollars. They have gotten to big, too unwieldy, to union constrained, too huge pension and health plans and out-run and out-flanked by nimbler foreign companies who do not have the unions calling the shots; at this time both union and management appear to be on the same page.
Not true at GM.
Jerry Flint, a former Forbes Senior Editor, who has covered the automotive industry since 1958, says "The leaders of GM have made mistakes-plenty of them-but they didn't enrich themselves beyond decency." Depends what Mr. Flint's definition is of "enrich". I wonder if some of the stockholders who held their stock up to the present, enriched themselves within decency. Some say we need GM to turn out tanks and trucks needed for another war. Some say that Japan wouldn't let there largest vehicle builder go into bankruptcy. I don't know and neither does any writer. Japan vehicle makers do not appear to have made many mistakes and their products are selling quite well here in the United States of America.
Would a lot of people be hurt if GM went under? Yes, and the financial and insurance markets would take another hit. The stockholders have already suffered. They can sell or suffer more. Under no circumstance do I see GM stock prices going back to the heady days of the early and mid 2000's. This is still a capitalist country and whoever has expertise and access to capital, as long as entrepreneurs can find and keep the right management people, GM's position on this planet will be replaced by others with greater managerial skills, more common sense and drive.