My proposal to rescue U.S. automakers

Make better cars.

I know the problem is a bit more complicated than that. As I understand it, GM's problems are not making cars, but making cars at a price low enough so people are willing to pay, but high enough to cover their expenses (much of which are in the form of pensions).

If we have to have a bailout so to speak why not do it by buying out the automakers' pension plans in exchange for stock? If they still can't compete, sell the stock to Toyota as part of a takeover; if they can now compete, sell the stock to investors to recoup the money.

It's still a bit too socialist for me, but better than throwing money down a rathole. This way the problem might actually be solved.