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This will lead to full blown socialism, and tyranny.     At the moment the government props up the big three with subsidized auto purchases, then the government will have invested interest in keeping it going.  This is because the public will see that when government stopped supporting them, they all lost their jobs, and the economy went into recession instantly.

Everyone will blame whoever is in power.  That person will not allow that to happen.  Instead, they will continue the bailout Indefinitely to prevent voter backlash.

Better solution is no socialism.  No bail out.  Let them fail.