The stricken firm whose fate is the biggest industrial failure in US history had been given a deadline of 1^st June to come up with a viable recovery plan in order to secure emergency government funding.

GM’s sales have been hit hard by the financial crisis and the firm has already received $20 billion in state aid.

This most epic of catastrophes highlights the fact that bailouts are not the solution and only lead to a brief pause in the inevitability of failure.

We have seen many examples of how the so called boom years were fuelled by greed and excess and the concept of spending beyond ones means, with the motor industry benefiting from consumers taking out car loans to maintain the latest models on their driveways.

 The credit crunch has exposed the reality of the growth of the motor industry of the past decade as a myth created by the debt culture that was promoted by capitalism.

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GM ready to file for bankruptcy