Can we get a return on our $50 billion GM investment?

If General Motors emerges from bankruptcy in 60 to 90 days, the U.S. (meaning we taxpayers) will own 60 percent of the new GM, a slimmed down version with brands Chevrolet, Cadillac, GMC and Buick. We've lent the old GM $50 billion -- $19.4 billion before the bankruptcy and $30 billion during it -- in the form of debtor-in-possession financing. Unfortunately, there is a very low probability that we'll ever see our $50 billion again.

Before getting into my reasoning for why our $50 billion is a lost financial cause, it's worth spending a moment discussing whether President Obama will be able to resist the calls he'll get from politicians around the country to stop the closure of plants and dealerships.