It is a sunny Tuesday afternoon in California and I'm driving down a traffic-clogged freeway at the wheel of a white Pontiac Grand Prix. General Motors has just posted a $1.1bn first-quarter loss. Healthcare costs for current and retired employees are to blame, says Rick Wagoner, chief executive. On the car radio, analysts debate what can be done to get GM's finances back in shape.

By the end of the three minute discussion I am apoplectic. Have none of these people driven a GM Pontiac, Saturn, Buick or Chevrolet recently? GM's problems stem not from its spiralling healthcare costs but from its inability to build cars worth buying.