GM shares plummeted to the lowest point in 60 years. GMAC, the financial arm of the company which provides mortgages, will probably not survive.

Delphi Corp., a former parts operation of GM that was spun off into a separate company in 1999, might not be able to emerge from Chapter 11.

With GM's value at its lowest level since 1943 analysts said the company faces possible bankruptcy. House Speaker Nancy Pelosi has called for "immediate action" to give automakers additional assistance.

Unfortunately for Pelosi and GM, "Treasury Secretary Henry Paulson called autos a "critical industry" Wednesday but said a $700 billion financial rescue program wasn't designed for them."

"At the White House, press secretary Dana Perino said the administration is not responsible for the automakers' woes but understands the importance of the industry. But officials there are reluctant to make any proposals for new aid, suggesting the car companies hold much of the responsibility for their own survival."

Richard Shelby, the Senate Banking Committee's top Republican also disagrees with providing further aid to automakers.

Which means we may never get to see the Chevy Volt electric hybrid.

If GM fails, literally millions of people will lose their jobs. As I noted before with homeless numbers rising and the economy in trouble, we don't need an influx of millions more unemployeed.

Is it GM's fault they are going bankrupt? Maybe. Some point to the 2007 energy bill and its impact on the auto industry.

As Sen. Sherrod Brown, a Democrat from Ohio, stated: "We've got to do this because the cost of inaction is so high to communities, to workers, to companies..."

Not just individuals, but communities stand to lose as well.

If the industry failed, among the hardest-hit communities would be Lordstown, Ohio, a village of 3,600 people about 50 miles east of Cleveland that has been home to a GM factory since 1966.

If the plant closed, Lordstown would lose up to 70 percent of its budget, a scary scenario that proponents of a multibillion dollar bailout say would be repeated across the industrial Midwest.

"If they went completely under, obviously it would financially devastate us," said Michael Chaffee, a school teacher and Lordstown's part-time mayor. "It would be catastrophic for our whole area."

I don't care who is to blame, too many people will be hurt by letting GM go bankrupt.

Want to see how difficult it can be in this economy? Check out Living Wage Calculator. It's an eye opener.