What your little graph doesn't show
is that if GM goes into Chapter 11 the stockholders lose it all, the workers lose everything they've put into their pensions and savings and stock, and the pensioners lose their pensioners. And then it starts to propagatge through the rest of the economy. And not one of the victims is going to ever vote for the party that let it happen.
Yeah, I know it's unfortunate we're letting political considerations affect what should be an optimal economic strategy, but tell me political (and corporate marketing) decisions played no role in setting up this situation.