Obama took a majority share in the company because no one else stepped up to buy the company, even though the White House worked for a month trying to find a buyer.
I think you answered your own question. Who says GM won't eventually fail, they are still a frail corp. even after the infusion of nearly $100 billion? It would appear the midwest isn't much better off in spite of the WH action.
The obvious reason for the bailout was to satisfy the UAW.......