It is certainly true that the US auto industry has been poorly managed. And if that were the only problem, I would agree that they should meet their fate. However, it seems to me that the current trouble is caused by more than incompetence and poor decisions. And given the extended costs of total collapse, I think we would be cutting off our nose to spite our face if we simply ignored the situation. A precipitous collapse of the entire auto industry would just further amplify our existing problems. And I think it should be possible to set terms that will avoid a worst case scenario of giving them help and they collapse anyway.

"It's not a lie if you believe it." -- George Costanza
The whole problem with the world is that fools and fanatics are always so certain of themselves. --Bertrand Russel