UPDATE: Here is an argument that the GM bailout won't work. Read The New York Times, The Quagmire Ahead, which argues convincingly that while the Obama plan for General Motors is bureaucratically smart and financially tough-minded, it won’t revolutionize the company’s corporate culture and will likely make things worse.
From the Washington Post, After Many Tuneups, A Historic Overhaul:
"In the space of five head-spinning months, the economic downturn and a few strong-willed financial officials in the Obama administration have done what legions of car executives, consultants and policymakers had failed to do in three decades: overhaul the U.S. car industry."
The auto industry 'restructuring' will be part of Obama's historic legacy -- good or bad as it may be. It will make an interesting comparison to his predecessor's historic legacy.