Bacchus, I agree with most of your views except the statement...

Bacchus, I agree with most of your views except the statement that Detroit "can't compete". I believe it can but that the macro economic settings in the US thwart its best endeavours to do so as customers respond to cheap fuel by demanding gas guzzlers. Ford and GM make very cometitive cars in Europe and I seem to remember the Ford Mondeo winning some Australian award recently as best in class. From what I've read the new GM Volt will leave the present generation of hybrids for dead - so long as there's enough capacity in the US grid to charge all thos batteries - another story.
A rescue paid for by raising US fuel prices to say European levels is the way to go. Would also help fix US balance of trade, reduce pollution, congestion - win, win etc