The papers were submitted this morning, but some analysts have been expecting it for a while: GM has filed for bankruptcy. And the administration will be “temporarily nationalizing” one of the pre-eminent symbols of American manufacturing and capitalism. Coming on the heels of Chrysler’s bankrupcy (and impending takeover by Fiat), what does this massive restructuring of two of the Big Three mean for the auto industry, the U.S. economy more broadly, and the new precedent for governmental intervention?
What does today’s news mean to you? Do you own a GM car? Do you own GM stock?