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Wall Street Journal: Can You Imagine America Without General Motors?

Ref - http://online.wsj.com/article/SB122608860916209213.html

Can you imagine life without General Motors Corp.? That's now an urgent question facing America's political leaders. GM survived for 100 years, steering through two world wars, the Great Depression, and all the booms and busts in between. But on Friday, GM said it faces a substantial risk of financial collapse by the middle of next year unless the economy makes a significant improvement, the capital market freeze thaws, or the American government provides the money to sustain the company through the downturn. The Democratic Congress and President-elect Barack Obama signaled last week they are willing to lend a hand. "The auto industry is the backbone of American manufacturing and a critical part of our attempt to reduce our dependence on foreign oil," Mr. Obama said Friday. So the question isn't whether Washington is willing to offer more public money to help auto companies survive. There appears to be a consensus on how much: Up to $50 billion. The tougher question is what's Washington's goal?