I just read the WaPo's editorial page discussion of Rick Wagoner's dismissal. There was no consensus, with some saying this sends a message to other corporations that if you come for government bailout, there will be a serious price to be paid. Others said that Wagoner was GM's one hope to get through this period of time, and now it will more certainly descend to bankruptcy, which will cause the whole thing to implode. Plus, removing the CEO was not what a government should be doing, since it makes the government too responsible for what happens about that.
I don't know how I come down on this. But as someone has said, this whole thing may cause the upper Midwest to begin to look like the 21st century version of the Dust Bowl.