The other problem is that the US has now exported ALL of it's industries, if the car companies go, there will be nothing left. There won't even be toolmakers to make guns and weapons should the US ever be attacked. It has ripped it's industrial heart right out and is now desperately staving off collapse.
If the big three do go down, and should by any measurement, it will be the effective end of the US economy and of the US world power. Congress has now got itself into the position of being a servant to any incompetent or corrupt CEO of the auto industry, they can do whatever they like and congress MUST support them.
In other news Chrysler is only staying afloat by emptying itself. Remember the other day when they laid of 3400 workers? Apparently 7600 took the bailout package, including almost all of their white-collar staff. Their brakes division, the brakes division of an international automaker, had 1 person left in it, and another department (or perhaps that one, the rumors are unclear) had 1 contract worker left. This past Monday was the first day when no one showed up for work and apparently everything has ground to a halt. So the looters have now destroyed Chrysler, the other two are following.
The truth of a proposition has nothing to do with its credibility. And vice versa.