There's a push to simply allow the automakers to file for Chapter 11 bankruptcy protection. On the surface, that seems to make sense, but the problem here is that we still lose those jobs, and I'm not convinced that losing three million jobs in an already toxic middle class economy is very smart.
The best plan is clearly to give them the bailout they want, but with serious strings attached. Don't even call it a bailout: call it a financial incentive or investment capital for green cars and fuel efficiency. Something like that. Weren't we going to do something like that anyway?
Here's a fun fact about Chapter 11... The way the law works, it costs the same amount for Ford or GM to file Chapter 11 as it does for a small business of three employees to file. Fairness!