Beaking News alert - GM bankruptcy

Everything on WDIV is breaking news. I'm tired of the auto industry news. I mostly turn off when they're talking about it anywhere. But here is what I think I've heard, feel free to correct me where I am wrong.

• Government has given some bailout money to both GM and Chrysler
• Set requirements for them to meet before they would get more money
• Both companies have filed for bankruptcy
• Both companies are shedding jobs
• both companies are shedding car lines
• Both companies are expected to build more cars overseas in the future

I understand that MANY jobs are tied to the auto industry, especially here in Michigan, but it doesn't seem like either of these companies (and Ford as well) are planning on having too many US workers going forward - or at least are planning to have a lot less than they do now.

Henry Ford essentially invented the middle class by paying Ford workers a decent wage. I don't think the "Big" three want to do that anymore.

I guess the good news would be that neither company will be too big to fail going forward.