Not yet, at least. But GM has the lowest market value of all 30 companies in the Dow Jones industrial average, a spin-off of GMAC looks increasingly likely, and then there's the recently acquired junk bond status. That doesn't add up to the sort of industry leadership that's the hallmark of companies in the Dow average. But since the index only includes American companies, Ford would be the only other company to carry the flag for the auto industry, and they're not really in any better shape. In the short term, don't expect any changes, but if GM doesn't recover in a big way, this topic could come back up again. For those out that who are thinking "impossible!", I give you two names - AT&T and Kodak.


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