I always thought the GM bankruptcy should have been modeled on the break-up of Ma Bell. GM could have been split into a number of different brands and sold off. I would have compromised with Dems that some needed to be closed union shops, but not all of them. Like AT&T, I think such a managed break-up, and the sale of different units to different investors (even if the sales were subsidized in some measure by the Government) would have spurred innovation and growth. Yes, some companies would have failed, and some investors lost money, but the long term benefits of injecting new management and competition would have been worth the "creative destruction".
Instead, Mr. Obama settled on a version of status quo. Hope & change? Don't think so.