| Thu Mar. 5, 2009 3:04 PM EST
Megan McArdle argues today that GM's annual report makes it pretty clear that they're doomed to Chapter 11. Unfortunately, she makes a pretty good case. And though she doesn't say it, there's probably an equally good case to be made that Chrysler can't even hope for that. Liquidation may be all that's left for them. This is bad.