Raising GM Rating.

I'm raising General Motors (GM) from Dead Man Walking to Bye Bye Bye.

Why is this thing in a death spiral?

Let me count the ways:

- Company perpetually unable to combat, nee, even contain it's shrinking market share.

- Demographics of GM buyers versus it's competitors are not promising.

- Product is improving, but the competition continues to remain firmly a generation or two ahead.

- Junk debt rating means no cheap financing, thus dealers are hamstrung. GM can only continue to sell cars by selling them cheaper and cheaper, while it's costs inexhorably rise.

- The "healthy" part of the business? GMAC mortgage lending.

AP: GM Bankruptcy Fears Rising on Wall Street.