The big flaw to my suggestion... it would require people to be halfway smart about money and just not get into more stupid debt or we end up right back where we are now.
And the Big 3...
They are asking for enough money to buy 1 million cars. But what are we going to get? A delay until they are back asking for more money. The auto industry has to fundamentally change. I say let them go Chapter 13, and if they have a viable restructuring plan that removes the gross waste they have now, then we can talk loans. That means the unions' heydays are over... no more guys showing up, clocking in, then going off to take a nap or whatever just because they are union and don't have to worry about it.
Evolve or die, Detroit, because this is your asteroid.