No amount of bailout money can keep General Motors afloat. It's a joke to think that within an entire Congressional body, along with all the Ivy-League-Wall Street parasites in the Treasury Dept., not one of those bozos can read a balance sheet.

GM has already engaged a team of bankruptcy experts as it nears its ultimate demise. GM has no real options other than to go bust - Chapter 7 liquidation. If GM does not liquidate, it is only because the government stepped in to sustain its otherwise unsustainable existence. GM was given some booty, and here is the company, again, saying it needs more dough or it will go bust. This process can only repeat itself over and over again, at least until the government can create another boom period. And that's unlikely anytime soon because the latest boom period has not yet begun to correct itself because the central planners just won't let that happen.

So now, GM is supposed to report to the Treasury Dept., next week, and prove - to a bunch of bureaucrats and politicians who know nothing about finance & accounting or business - that the company is a going concern. That's the "revitalization plan." The Wall Street Journal reports that "negotiations with GM's unions and bondholders haven't yet produced commitments to concrete concessions as required by terms of the federal loans." In the usual mode of "we haven't intervened enough," everyone is blaming GM's certain inability to present a realizable revitalization plan on the fact that the Obama administration has been to slow to appoint a Car Czar.

Meanwhile, rumor is that GM will go Chapter 11, liquidate its "undesirables," and form a new company with its worthwhile assets. Sounds like a Chapter 7 with some fancy twists, along with the stubborn refusal to go away and get off the backs of taxpayers.