Well written, sober, and understated - Roger Cohen of the NYT on why bankruptcy is the right path for GM and Chrysler.
His Pan Am and Alitalia comparisons are well chosen, but slightly misleading. When Pan Am went bankrupt it vanished. I've been flying on a bankrupt airline for months that's recently been acquired ("merged" technically) by another bankrupt airline. Bankruptcy has evolved.
Modern bankruptcy is not what it was. It feels like the right choice for GM, Chrysler and America. If it's not, someone has to make a much better case than we're hearing so far.