Vikas Bajaj has a thorough, yet depressing look back at 2008.  It's worthwhile to read the entire article, but I think it's a joke that he calls General Motors a "blue chip" stock. 

A blue chip doesn't lag the S&P 500 index for decades, beg the government for cash to maintain operations, and have an extensive health care liability of hundreds of thousands of retired employees hanging over its head. 

The financial dictionary defines a blue chip as a "Large and credit worthy company.  Company renowned for the quality and acceptance of its products and services, and for its ability to make money and pay dividends."

I think General Motors ceased being a blue chip about three or four decades ago.