GM, arguably one of America’s most iconic corporations, has filed for its long-awaited bankruptcy. The company borrowed nearly $20 billion federal in recent times as it struggled with a mountain of debt and lackluster sales. The question now is whether the auto giant will bounce back like Chrysler appears to be doing since its April 30 filing, and what is the local impact long or short term. Business contributor and Chicago Tribune chief business correspondent David Greising has analysis.

Music Button:  Medeski Martin and Wood, “Flat Tires”, from the CD Radiolarians II, (Indirecto records)