The bailouts of Chrysler and General Motors have had no shortage of critics, this page among them. We were against the idea in the waning days of the Bush administration, saying that automakers should instead use bankruptcy to shed debt, cut costs and rework labor contracts. When President Obama linked government help to bankruptcy restructuring, we saw some hope but were still skeptical.

With GM filing paperwork Wednesday to return to its status as a publicly traded company, it’s time to ask whether some crow needs to be eaten, at least as it concerns GM. The answer is: possibly.

It’s far too early to declare the GM bailout an unqualified success. But it is certainly going a lot better than critics thought likely. News of the initial public offering of stock follows a lightning fast exit from reorganization, two profitable quarters, the repayment of a $7 billion loan and rising consumer satisfaction scores. GM, in fact, could now be in better shape than the economy as a whole, which is saying a lot considering that two years ago it could have been mistaken for roadkill. It certainly is a leaner, healthier company, thanks to the forced restructuring, and the devastated Detroit economy […]