I don't know whether the US Government will allow GM to fail. It should because that would allow a buyer to pick up unencumbered pieces (including product line badges) from the Receiver. A lame duck Administration and Congress has nothing to loose on this and the market knows it! Either way, production capacity will be reduced (or mothballed) 50% with the same resulting job losses.

Now for the Aussie resource juniors – I expect (perhaps vainly hope) that some international interests now sitting on mountains of temporarily bloated USD's to float this way. Holders know they will lose value if they are not spend NOW!

Concerning Dan's point on performance pay, I expect that many salaried people will take massive PAY CUTS to keep their jobs.

But, we already have a government guaranteed retirement called 'social security', and that had nothing to do with Marxism, rather it's a ponzi scheme.

That people still "vote their pocketbook" and still vote for the best window dressing just encourages the scoundrels.

"we could be in for a very long period of economic pain..." well, i've been there for years. although, i haven't figured out why my social climbing ex-friends haven't been around lately, to abuse me and show off their new expensive cloths and fancy cars !

i suspect there's a lot more of economic pain to come.