In my opinion General Motors does not deserve a government bailout; they should be allowed to fail if that is the best they can do.
In the short run the economic hardship to all those employees and subcontractors will be severe, which is unfortunate. In the long run someone smarter, harder-working and more realistic than the current managers will start making smaller, more practical, economical cars that people really need and want, and many of those lost jobs will come back.
It works for companies like Toyota and Honda, who figured out some 30-plus years ago the type of cars people want and are willing to pay for. The fact GM still hasn’t figured that out is in large part why they are failing and I don’t think they deserve a taxpayer-funded handout. I think to do so would be to reward behavior that does not deserve rewarding.