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Enron. WorldCom. Conseco. They all declared bankruptcy, and so have many other U.S. companies in recent years. Owens Corning, UAL Corp., Johns Manville and Pacific Gas & Electric were forced down that same path. Along with Delta Air Lines, Bed, Bath & Beyond and Circuit City.

In short, the bankruptcy of a large American corporation is not a rare thing. In that light, it’s surprising that we struggle so much with the notion of General Motors admitting financial defeat.

The obvious difference is that GM is so huge. Many other businesses are sailing in its wake, and they’ll feel the effects if it stops dead in the water.

But there’s more to it. General Motors has a special aura that most companies can’t hope to attain. Few things are as important to us as our cars.

This painful chapter in the GM saga also represents a low point for organized labor, and that may be part of the populist emotion we’re feeling, too. One thing bankruptcy will do is disengage the company from crushing costs related to union benefits. What’s good for GM, in this case, will be bad for the United Auto Workers.

Years from now, people will look back on this period with a much different perspective. It might seem obvious to them that GM couldn’t continue down the same road, or they might decide that the whole problem should have been handled differently. They might see it as the dawning of an era when supersized companies began to wobble and fall.

Or, just possibly, they’ll see it as merely a rough spot in the road for an unstoppable company.

Owens Corning has spent five years struggling with asbestos litigation, but plans to emerge from bankruptcy this fall. Pacific Gas & Electric emerged from bankruptcy after three years and now pays an attractive 4.6 percent dividend to its stockholders.

A bright future doesn’t seem likely for the U.S. car industry. But it’s possible.