Very interesting article in Forbes:
My opposing viewpoint: An end to GM would not be the end of the world. We are not going to have to walk to work. Other manufacturers will build our cars and trucks. In fact, business will grow for the other carmakers.
Alabama, Kentucky, Tennessee, South Carolina and Mississippi--and Georgia to come--are the states where foreign companies make their homes. These companies would probably be expanding and building new plants as fast as they could gather up land and excavators. Keep in mind, too, that when auto sales get off that 12 million bottom and return to a more normal 16 or 17 million units a year, manufactures will need to produce an additional 4 or 5 million vehicles.
Whatever happens, we are going to have cars and trucks in America. They may build more of them somewhere else. When I was a boy, there were shoe plants in Massachusetts and car plants in New Jersey. Guess what? Both states are still with us--and we all have shoes.