"I just don't see how (avoiding bankruptcy is) possible, given all of the pieces," said Stephen J. Lubben, a professor at Seton Hall University School of Law who specializes in bankruptcy.

GM, which has received $15.4 billion in federal aid, faces a June 1 government deadline to complete its restructuring plan. If it can't finish in time, the company will follow Detroit competitor Chrysler LLC into bankruptcy protection.

Although company executives said last week they would still prefer to restructure out of court, experts say all GM is doing now is lining up majorities of stakeholders to make its court-supervised reorganization move more quickly.

Restructuring out of court would require a heck of a lot of action in the next three weeks.  Factories will have to close, brands will have to be sold and hundreds of dealerships with thousands of "spin off" employees will have to be eliminated.  So bankruptcy it is.  With, potentially, tens or even hundreds of thousands of Michigan jobs on the line.

Remember in 2006 when we thought we'd just about hit the bottom?  Michigan had a nation's worst unemployment rate in the mid-single-digits and things had been ugly for years but we couldn't slip much further, could we?  Then came the Democratic tax-hike of 2007, taking $1.5 billion out of the private sector, away from job makers and moms and dads and burning it on over-fat government programs, Democrats swept to even greater and more complete power in 06 and 2008 and here we sit with a still-nation's-worst unemployment rate creeping up on 14 percent and two of our three biggest job makers in or facing bankruptcy.

We're still free-falling and we can't even SEE the bottom yet.  

I'm a natural cynic.  I consider it one of my more endearing character flaws.  It sort of kills me to admit this but I didn't see this sort of contraction coming.  

And maybe more surprising than anything else?  Today Detroit gets a new Mayor.  Dave Bing, a business man who only a few months ago was living comfortably in the suburbs, takes the reigns of the Motor City today when the big election results are certified.  And next week, on the 21st, the man promises to finally answer a tough question or three.  According to the Ivory Tower:

Dave Bing, the newly elected mayor of Detroit, has confirmed his attendance at the third session of Pancakes & Politics, the hard-hitting discussion forum that brings together business, community and government leaders to address economic issues affecting the Detroit region.

Kudos to the Mayor!  Not always an easy event to attend and if his debates with Ken Cockrel are any indication, he's not particularly enamored with the concept of discussing anything more specific than his "vision" for the City. That said?  I'm actually kind of geeked.  Bing is a Democrat, sure, and he and I will disagree far more often than we will agree, but the man is a genuine outsider and a proven, successful businessman.  Those are the FIRST things Detroit needs and they're going to get them in spades.

Fingers crossed and best wishes, Mr. Mayor.  For whatever it's worth, I don't only hope that you succeed... I'm actively rooting for you.