As GM goes, so goes the nation. It may seem like that is all too true right now, but it's not.

General Motors (NYSE: GM) has been a slow-motion train wreck for a generation.

Former CEO Roger Smith blew hundreds of billions in automation that forgot about workers and did not work. The company received import protection and a waiver of regulations from Uncle Sam to generate huge profits in SUVs, and it reinvested the money in excessive contractual obligations to already coddled workers currently earning in excess of $70 an hour.

And Ford (NYSE: F) and Chrysler were not too far behind.

Congress is now debating some form of bailout in addition to the $25 billion for re-tooling. The structure and future of this bailout is uncertain and, while I'm in the minority, I see nothing happening pre-Obama except a possible GM bankruptcy filing.

Many middle-of-the-road Americans, including many day-to-day Democrats and independents, want to see GM go through a prepackaged bankruptcy.

And why is that?

Detroit is lobbying very hard for government assistance. Claiming severe hardship, the Big Three automakers -- Ford (NYSE: F), General Motors (NYSE: GM) and Chrysler -- are requesting loans that will prevent a complete collapse of the industry.

The past few days have been full of debate on the matter. With so many issues and questions regarding the merits of a bailout, answers will be difficult if not impossible to come by.

"Throw something up against the wall and hope it sticks" seems to be the modus operandi of the current administration with respect to the financial sector bailout. Now, Detroit is essentially asking for the same thing.

Critics are rightfully upset. There is no guarantee that loans to Detroit will ever be paid back. What results will accrue for taxpayer effort? Is this simply a black hole? Which industry will be asking for help next?

These are all legitimate questions.

The case for the bailout is simple: No money from Washington results in bankruptcy with a chance of complete failure. With that failure comes the loss of three million jobs up and down the auto food chain.

And there is the rub. This is more than just the Big Three automakers -- they and their suppliers are all at risk of complete and total collapse.

One such supplier is Lear Corp. (NYSE: LEA).