Is the automaker, an icon of brawny American capitalism, among the first to confront an 'era of diminishing expectations'?
Chrysler's experience suggests that the Chapter 11 process doesn't have to be lengthy, especially if the government has agreed to chip in billions of dollars in aid.
Sergio Marchionne, a jazz-loving Italian businessman who helped turn around the Italian carmaker, is poised to be the next CEO of Chrysler.
In coming weeks, talks among GM stakeholders could be influenced by how the judge in the Chrysler case treats creditors.
Damage to the economy may be limited so long as bankruptcy is handled quickly. Obama is confident; others are skeptical.