GM: "A Chance To Rise Again"?

That's how President Obama describes General Motors' Chapter 11 bankruptcy filing, as a similarly hopeful note was also sounded on the instantly historic homepage of The Detroit Free Press. The headlines "GM begins its rebuilding process" and "Bankruptcy won't slow progress, GM exec says" are in smaller letters than those trumpeting the fate of the century-old company, or the closing of factories and dealerships. But they're the same size as word that a federal judge has approved Chrysler's plan to move out of Chapter 11 and become part of the Italian firm Fiat. Smaller type still, but in a place of silent but stern importance: news of G.M.'s exit from the Dow Jones Index.

As the old G.M. dies, the new G.M. – 60 percent owned by the federal government – is born, and expected to receive as much as another $30.1 billion in federal aid.

Surveys have shown most Americans have favored allowing G.M. to pass into bankruptcy protection, are reluctant to back government bailouts, and uneasy about government ownership of industry.

In March, opposition to using billions in government loans to keep G.M. and Chrysler afloat was 63 percent in a Pew Research Center poll (30 percent backed the idea), 59 percent in a Gallup/USA Today poll (39 percent said the opposite), and 65 percent in a Fox News/Opinion Dynamics poll (31 percent said the reverse) in which questioning continued into early April.

Also in April, a CNN/Opinion Research Corporation poll found 76 percent who said the feds should let the two companies go into bankruptcy and 22 percent who said the government should provide additional assistance to prevent bankruptcy.

That same survey found 44 percent who thought the bankruptcy of one or more U.S. automakers would cause only minor problems for the U.S. economy and 37 percent who said it would cause major problems. At the same time, 55 percent said they did not think such an occurrence would have any impact on their personal financial situation.

Has the economic crisis led the federal government to be too involved in the way some businesses and financial institutions are run? The CNN poll found 42 percent who said federal involvement is "about right," 35 percent who said "gone too far," and 23 percent who said "not gone far enough."

The Fox poll, exploring related issues among registered voters, a sharp partisan split. Asked about bailouts of financial institutions that were facing bankruptcy, 59 percent disapproved and 35 percent approved, with Democrats split (50 percent approval, 45 percent disapproval), Republicans strongly disapproving (77 percent compared to 18 percent), and a big disapproval margin also seen among Independents (59 percent to 31 percent). The results were similar on approval of more federal loans for G.M. and Chrysler, although this time the split among Democrats was 53 percent against the helping hand and 44 percent in favor.

"What we are not doing -- what I have no interest in doing -- is running GM," Obama said today, pledging that a private board and not the government will "call the shots and make the decisions about how to turn this company around." The Fox poll, while done prior to the G.M. filing, suggests voters are divided on this issue: 49 percent said the government should stay out of decisions by bailed out corporations and 45 percent said the government should be involved. Among Democrats, government involvement was favored by 62 percent and opposed by 33 percent; among Republicans, 65 percent were opposed and 28 percent in favor; and among Independents, 54 percent were opposed and 37 percent in favor.