That's the point. If and when this thing gets "confirmed", we will see some sort of over-reaction. The senate rejected it, now we're seeing the treasury say they will definitely do something. If I were a gambler, which I'm not, I'd bet we see a bailout plan in effect over the weekend and a subsequent Monday gap. Think about it... doesn't this remind you at all of the 700b bailout vote? If history is any indicator, we get an initial fail and then a subsequent pass. I think the markets shot up 1k points on the pass vote... Think a while before you dismiss this auto-bailout. Its all about perception and the masses will react accordingly.
Does it matter? It will happen, most likely within a week. GM will never fail; not under Obama or Bush. Go long.