In one of his final acts as president, George W. Bush decided to prevent the U.S. auto industry from falling into a deep hole, one out of which it probably would not emerge.

Under the plan, General Motors Corp. (NYSE: GM), Ford Motor Co. (NYSE: F) and Chrysler L.L.C. will receive $17.4 billon in short-term loans from the bailout money approved for Wall Street. The U.S. Congress failed to pass a rescue package for Detroit last week because some Republicans believed that the companies should be forced into bankruptcy.

That option was unacceptable to a free market conservative like Bush. "Chapter 11 is unlikely to work for American automakers at this time," Bush said in a televised press conference. A bankruptcy could "send the economy into a deeper and longer recession."

Bankruptcy is still on the table. The $17.4 billion lifeline will gas up the former Big 3 until March. Then the companies need to present a plan to the government on how they can become viable. Both the UAW and suppliers will continue to feel the pain. Odds are fairly good that Detroit will come back to the next Congress for even more money in the coming months.

All of the money in the world will not help Detroit if the Big 3 don't produce cars people like.