The next big collapse?

More bad news for General Motors. Bonds from America's third-largest issuer of corporate debt are barely rated above junk status right now. And bowing to investor pressure, GM is trying to shrink its white-collar work force by offering a buyout plan.

I'm the first to admit that I haven't been following GM closely (or at all) recently. But -- we're in the middle of an economic recovery that has been marked by, among other things, big-ticket consumer spending hastened by ridiculously low interest rates that make the terms of, say, car loans look especially attractive. So...am I wrong in wondering what's been going on in that executive office suite?