There is a way, whether you like it or not, maybe the only way.  The foolowing is from an article written by John Case for Political Affairs magazine.
A raging debate is underway across the country, in Congress, and between the incoming Obama and outgoing Bush administrations on the fate of the US auto industry. Today CEOs of GM, Ford and Chrysler will face tough questioning in Congress. GM comes to Washington to beg for a $25 billion bailout to keep it and its ailing Detroit counterparts going next year. But nobody seems too thrilled about the prospect.

Some dwell on the companies’ gas-guzzling sport-utility vehicles. The right-wing obsesses over all the well-paid union members with alleged gold-plated benefits. (You would think it a crime to fight for full medical coverage for workers and their families!) Not just conservatives pile on the unions but the New York Times and Washington Post – also feel free to falsely double the average wage and benefit costs of US automakers by folding in all legacy retiree obligations in their reporting on what a UAW covered auto worker is paid. “The downfall of the American auto industry is indeed a tragedy,” the Washington Post editorial board sermonized recently, “but the automakers and the United Auto Workers have only themselves to blame for much of it.”
The essential argument for letting GM fail is the assumption that bankruptcy would be no big deal: But, while bankruptcy has worked OK for reorganizing airlines, among others, it’s very unlikely a GM failure would have the same result. In order to seek so-called Chapter 11 status, a distressed company must find some way to operate while the bankruptcy court keeps creditors at bay. But GM can’t build cars without parts, and it can’t get parts without credit. Chapter 11 companies typically get that sort of credit from something called Debtor-in-Possession (DIP) loans. But the same Wall Street meltdown that has dragged down the economy and GM sales has also dried up the DIP money GM would need to operate.

Nationalization is the only appropriate form in which the necessary re-organization and re-tooling of the US auto industry to meet the requirements of the high-tech and fuel efficient future can succeed.

Only nationalization provides an opportunity to show how a concentrated effort can renew a great industrial city like Detroit.

Only nationalization provides the framework in which collective bargaining over the pay and working conditions of workers in the automobile industry can result in a fair agreement that ends the destructive two-tier arrangements of the recent past, and grants auto workers with a sustainable, long-term stake in the industry.

The US auto industry, like the major financial institutions, is “too big to fail” in the words of Federal Reserve Chair Bernanke. But its executives cannot be trusted with public funds.

Once retooled and re-focused, it’s possible the government could resell the industry in whole or in part back to private producers if that proved to be more efficient. This writer would hope that the government – UAW partnership in rebuilding auto could create a sustainable, profitable, public enterprise. But regardless, for now, nationalization is the only practical course with any reasonable chance of success for the foreseeable future.

I know…I know…nationalization is a socialist idea….but we need an idea that will save million of jobs.  This economy cannot afford all those displaced workers.  If anyone has a better idea, please shout out.