GM/Chrysler

Megan McArdle looks at the unfunded liabilities at Chrysler and GM. I don't think Chrysler will be around in 2012; the pieces that are still valuable (Jeep, trucks) will be sold and the remaining pile of rubble will be inherited by the US taxpayer. GM is somewhat less dark. But it's a long road back. And it's not at all clear that management is creative enough and daring enough to turn GM around.