Auto bailout blues

Word arrived today that our stewards of government have agreed to extend a financial lifeline to our so-called "Big Three". We are officially now beyond the gravitational pull of free market dogma, and we're heading back to Dr. Keynes. It may be the right thing to do, but several questions must be asked and answered; if not by our lawmakers, then by the people:

1. What sort of oversight will be applied to the recipient companies' plans to chart a new course? We might be confident that a huge cash infusion would be accompanied by a quid pro quo scrutiny. But the lack of diligence and oversight by our reps on the banks receiving bailout funds (to say nothing of AIG!) provides no comfort.
2. When are the boards of these companies going to start doing their job? It's up to them to put the right leadership in place, and to remove it when needed. The record of the Big 3 teams is dismal, yet the boards of directors maintain them at the helm and at huge salaries.
3. Why are we so focused on executive compensation? It's a political platitude to harp on the obviously bloated salaries - we should be spending our energy getting results.
4. Are we, once and for all, going to take bold action to break new ground in vehicle development? This is our opportunity, and if they want the dough, the car companies should be directed to build the next generation of cars with the newest technology.
5. When will we realize that a single payer health system will help our auto makers, citizens and nation? The auto companies were approached by the unions in the 70s to make common cause for national health: they declined. Now their principal claim is that the burden of health insurance is a severe competitive disadvantage. Another blown call.
6. When will we realize that a plan created and executed by failed leaders doesn't have much chance of succeeding? Find new blood, but don't have the government in car company management. (see number 1, above)

While it's true that many won't buy cars from a bankrupt company, millions of people have flown on bankrupt airlines. Their financial troubles, which could reasonably have made flying much more risky, didn't deter people. Certainly that is a more urgent concern than whether the warranty will be covered. In fact, all three are already bankrupt, if only in their stature as admired, well managed companies.

So we're left holding a tattered bag. We deserve a bold solution implemented by the best talent. So far, it appears we have neither.