Market futures are up this morning as GM announces that it is filing for bankruptcy.

GM plans to split itself into two companies - a good GM that will retool itself and turn a profit within a few months and a bad GM that will hold all of the bad debts and junk assets that GM has accumulated. It will sell-off some car divisions that GM is going to walk away from, including HUMMER, Pontiac, and Saturn.

The government is and will continue to be the biggest shareholder in GM as the country continues to move into some strange hybrid of crony capitalism, in which bailouts are granted to most favored companies with tax payer money as the costs of losses to the politically connected and those deemed "too big to fail" are put on to the backs of taxpayers through higher taxes and more inflation down the road.

We posted two videos on the site about the stock trading action around the announcement by GM and the move up in the futures this AM.