What To Do With GM

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MSN provides some suggestions:

GM has dug itself into a very difficult hole, and now it wants a bailout. Here's what needs to happen for a bailout to succeed, according to Samuelson:

1. Cut labor costs. GM paid employees $71 an hour in wages plus fringe benefits last year, Samuelson writes. That compares with $47 for Toyota. At this rate, the bailout is going to become union welfare.

2. Carmakers need to write down the debts on their books. GM has $48 billion of debt, and it will be overburdened and remain on a path to bankruptcy if it doesn't do something about it. GM will have to shut down some of its assembly plants as well.

3. Congress needs to raise gas taxes. That will encourage people to buy fuel-efficient vehicles. Wild swings in fuel prices have crippled the industry, Samuelson writes. Some people want to buy an SUV, but then gas spikes and they can't dump them soon enough. Raising gas taxes will spur automakers to adopt a consistent energy policy.