General Motors, an icon of American culture, declared bankruptcy today. The company will be spun off into the new GM and the old GM. The old GM will have its assets wound down while the new GM will be owned by the U.S. and Canadian governments, the UAW Union and GM’s unsecured creditors. Let’s hope that the new GM will emerge with none of the old leadership. With all this melee, this is a great opportunity for Ford to seize some of the U.S. market share.