Everybody knows that GM is bankrupt. Many people probably thought it has been for a while. The broader impact is still unknown. Thousands of people will be out of work and see reduced benefits. Where is their bailout? The upsetting part is that individuals have to suck it up and deal with the hardship while companies are too big to fail and have to be rescued.
However painful this is going to be maybe something good will come out of it. I hope at some point that we realize a few important things. GM was an integral part of suburbanization and expansion of our economy. By extension, this created the environmental difficulties and mass consumerism we are currently living with. While many may look at the bankruptcy of GM as a business failure it is actually a social failure. The bankruptcy of GM represents the bankrupt economic model we are currently trying to revive. It is a reflection of our lifestyle. When we awaken to this point then we can move forward to create a sustainable economic model that respects the ideals of democracy and free enterprise.