By the time this nuze is posted, GM will have filed for bankruptcy protection. Sadly, there are more Americans that can explain the intimate details of the American Idol finalists, but they cannot explain why GM is going bankrupt or what effect this will have on our economy and the future of American capitalism.

This arranged bankruptcy filing essentially hands GM over to the government. When all is said and done, the government will own 72.5% of General Motors. The United Auto Workers union will own another 17.5% of General Motors. Major bondholders will essentially own 10% of the company. GM stock will probably not be traded for at least six to 18 months. If you are a current GM stockholder, say goodbye to your shares. The taxpayers will make back the $40 billion loaned to GM if shares of the new GM increase dramatically in value. This is change you can believe in.

Sometime this morning, around 11:30 EST, we will be addressed by GM's CEO Barack Obama. The Looter-In-Chief. He will explain why GM's bankruptcy and government ownership will be the best route for this nation. He will do it in a way so that the government educated will understand just enough to nod their heads in agreement and then go back to reading their People magazines. They won't question the Constitutionality of it all. They won't question the free market implications. All they need to know is that their right to watch a big screen TV hasn't been "taken" away from them.

By the way, if we had Mitt Romney in charge right now, GM and Chrysler would have been pushed into bankruptcy months ago. But either way, he says that now the government should immediately turn around and distribute its 72.5% stake to the taxpayers and the UAW should do the same for its members.