Please read George Will's column from 11/20/08 titled "Why Extend Big Three's Warranty". I think He has a good grasp of what is going on.
In my own opinion if GM were to go bankrupt somebody would buy up the assets at auction and continue producing the brand with new labor contracts. Kirk Kerkorion was interested in GM three years ago. He has the capital to buy (in bankrupcy) GM I believe. Chrysler is dead, done, over. Ford can survive, but are they trying? GM needs to kill off GMC, Pontiac, and Buick right now, Hummer yesterday. Saturn, Chevy and Cadillac is all they need. I wonder how much money was wasted developing the new Camaro and Challenger. Both cars were dead before they were even shipped. This just my opinion. Phil? Chris?