I say let them fall. I once heard that this country is founded upon capitalism. In my eyes, the 'big three' learned NOTHING from the fuel crisis of Carter's administration. They went right back to making big gas guzzlers, at the time when the whole rest of the world was going compact, fuel efficient, and alternative energy vehicles.
CEOs took more, more, and more for themselves, utterly disregarding the good of the company. Unions also, did their absolute best to bleed the companies dry.

If memory serves: a union exec at a recent negotiation, declared the union would rather "See the company shut its door than to make a single concession". Ok, so now they are reaping the benifits of thier arrogance. The unltimate irony is that the unions would never have formed had the auto makers simply treated them well from the beginning. And now the unions, through their inflexibility have brought the corporations to their knees. Between wages and legacy costs, the corporations can no longer produce vehicles profitably.

No, indeed no, let them fall. Bailing them out is analagous to giving a dunkard another bottle of booze. The big execs demonstrated total incompetence, and absolute lack of comprehension when they flew down individually, in Leer jets, to ask for bailout money.

No, let them fall. The Koreans, Chineese, Japanese, etc will buy up the plants and have them up and running again within the year. Without unions, and at fair pay, and reasonable leadership.