Uhm,

Wanker Street Journal...

General Motors is likely to become profitable only if it is allowed to specialize in what it does best -- namely, midsize and large sedans, sports cars, pickup trucks and SUVs. The company can't possibly afford to scrap billions of dollars of equipment used to produce its best vehicles simply to please politicians who would rather see GM start from scratch, wasting more taxpayer money on "retooling" to produce unwanted and unprofitable subcompacts and electric cars. The average mileage of GM's future cars won't matter if nobody buys them.

...GM entered bankruptcy before Obama's fuel efficiency standards kicked in. Toyota barely escaped a similar fate in part because it sells cars where GM can't: its home market, which coincidentally has tough fuel economy standards. That should tell you something.

Though I agree that higher gas taxes are needed in addition to (not as a substitute of) CAFE standards.