Since the government appears to have got knee-deep in the business of bailing out failed companies (and let me make it clear that I'm against it), then I want to make two suggestions. Before we give taxpayers' money to Detroit automakers and their unions, let's try the following:
(1) Create a voluntary fund. Everyone that thinks that Detroit should be helped would be able to commit by providing cash or signing in as a loan guarantor. No handout through coercive government power. It's a truth-revealing mechanism: whoever thinks that this is the correct way to do it please be the first in line.
(2) If coercion is to be used, then give the money to anyone willing to buy new cars instead of giving it directly to Detroit, let's say, someone like me. After all, I'd not mind having one of these in my garage...
PS: Becker explains why bailing out Detroit is a bad idea (HT Mankiw). See also this comment by Perry (HT Mankiw).