O.K. Now I now how to handle the BIG 3.
Let's buy 55% of the stock of each of the American auto firms at today's market rate and turn them over to the Department of Commerce to handle under Secretary Richardson.
He should be given instructions to eventually fire top management and to replace them perhaps with some Japanese management-types to head each of the firms. And if the firms need more capital, which they will, we''ll have to provide more but also require additional stock as collateral. (We should do this with Wall Street too).
Then let's see how it goes from there. Rather than merely throwing away money or letting the auto industry fail, this would be the best alternative. Then we should see to it that these firms diversify and develop home energy saving systems and energy production systems for individual homes as well as new and more efficient batteries, hybrids and eventually electric cars.
Their health and pension plans should be taken over by a new government corporation created for handling health and pension plans for large firms, Health, Emergency and Lending Programs (HELP), established within the Commerce department under Bill Richardson. That should give him enough to keep him busy to start with.