WILL GENERAL MOTORS GO BANKRUPT BEFORE OBAMA CAN SAVE THEM?

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General Motors' dismal third-quarter results prompted this statement:

"Even if GM implements the planned operating actions that are substantially within its control, GM's estimated liquidity during the remainder of 2008 will approach the minimum amount necessary to operate its business. Looking into the first two quarters of 2009, even with its planned actions, the company's estimated liquidity will fall significantly short of that amount unless economic and automotive industry conditions significantly improve, it receives substantial proceeds from asset sales, takes more aggressive working capital initiatives, gains access to capital markets and other private sources of funding, receives government funding under one or more current or future programs, or some combination of the foregoing."

In other words, barring an economic miracle or an act of Congress, GM will be filing for bankruptcy in early 2009.

Undoubtedly, the United Autoworkers Union and many others who stand to lose big in a GM bankruptcy are pressuring the OBAMAcrats into putting a few billions of loan guarantees in GM's Christmas stocking.

Moreover, its widely held that if GM files for Chapter 11 relief, Ford Motor Company and a host of suppliers are sure to follow to prevent GM from gaining a huge cost advantage.

Obama's first crisis test isn't from overseas. It is from Democratic Detroit.

It certainly puts a new spin on 1950s GM President Charles E. Wilson's famous quotation "What’s good for the country is good for General Motors, and vice versa."