U.S. business, culture show big tire prints

0 Comments | USA TODAY, June, 2009 | by James R. Healey

General Motors' bankruptcy is the fourth-biggest, measured by assets just before filing for Chapter 11 protection, but it's No. 1 in symbolism: An American icon throws in the towel. The inventor of the car payment, the tailfin and planned obsolescence no longer can hack it.

No choice, CEO Fritz Henderson says in the court filing: "In the face of the global meltdown of the financial markets, and a liquidity crisis unprecedented in GM's 100-year history, there is only one way ..."

There are GM contributions to celebrate, perhaps as many to vilify. But in either case, it's hard to ignore the sheer impact of the once-colossal U.S. car company. And it's hard not to wonder whether a smaller, post-Chapter-11 GM ever will have as much influence. And if not, if it's just...