Who knows if we will bail out GM, Ford and Chrysler? The best thing we can do is "not" buy one of their cars, which is what everyone seems to be doing anyway. That's the beauty and ugliness of capitalism. Companies fail when they produce products people don't want to buy.
If three million people are rendered unemployed in the process, then put them to work building light rail, mag-lev, and bullet train cars, and the rail infrastructure we will need when gas goes back up to $5/gallon, and then $10/gallon, and then runs out.
We mustn't delude ourselves that suddenly because gas prices are reasonable again, that we can ignore the problem. We are running out of crude oil. Plain. Simple. Painful. Very, very painful.