I couldnt agree more.
Ford, even though they are still a little bit behind, for the most part saw what was about to happen and have been making considerable strides to become viable again. GM is too bloated to make necessary changes quickly, and Chysler has simply been doomed for a number of years. GM and Chrysler simply need to be let to fail and then start over from the ashes.
Sure there will be a bit of fallout, but there are 12 other automakers who manufacture and use the same supplier base as GM and Chrysler, so the suppliers wont go away, just get a little bit smaller.
Businesses, no matter the size, should always be allowed to fail. Otherwise there is no reason for them to self-analyze and adapt.