Working through my ignorance with your help.
It looks to me like the US auto companies are taking the first steps along the route that British Leyland took to its ultimate demise. The nationalization of British Leyland basically amounted to a poorly-controlled, gradual crash as it was whittled down to some easily-digested nuggets that could be bought up by other companies. It looks like it's going to cost us about double what it cost the UK to effectviely euthanize their auto industry. I don't think "saving" the Big Three is really in the cards, now it is just a matter of trying to find a less-painful way of putting them out of their misery.
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