If you think this is impressive

General Motors’ ghastly results have shortened the road to bankruptcy. Losing $30.9bn in a year is astonishing. True, the US car maker has done worse – it lost nearly $40bn in 2007. That figure reflected tax asset writedowns. This year’s losses truly capture GM’s sick state. A Chapter 11 filing, or its functional equivalent, is the correct medicine. Just look at the company’s parlous state. Its quarterly sales declined 31% from a year earlier to just over $30bn. At such levels, the company’s blo...