So, this sounds like a great idea, right? The people of our city are unemployed, leading to less cash and less spending -- so let's print our own money! As those gentlemen in the now-defunct Guinness ads shrieked: Brilliant! In Detroit, a group of businesses are now accepting what is called Detroit Cheer. With this local currency you can buy a pizza, receive some electrical services, and day care for your pooch. The Cheer can also be exchanged for cash at local bars. Sounds like it would be illegal, right? Well, the article notes that it isn't -- as long as the printed currency doesn't look too much like the dollar it is perfectly legal. I don't think anyone is going to confuse the Detroit Cheer with the American Dollar.

I've recently been giving some thought to how we can help Detroit get out of its rut.

And what a rut it is: The average home price is hovering around $6,000 and vacancy rates are soaring as everyone who can find somewhere else to go flees Detroit. I suggested making Detroit into a retirement community, but now I have a better idea: Make AIG (NYSE: AIG), Bank of America (NYSE: BAC), and Citigroup (NYSE: C) executives have their little conventions there.

Toyota (NYSE: TM) is not only the world largest car company, it also probably has the best balance sheet. It has only modest exposure to worker benefits and health costs, unlike its US competitors. In most cases its vehicles are still the model of "defect free" auto products.

All of that makes it especially bad news that Toyota will sharply cut employment and other costs in its North American operations. According to CNNMoney, "The company will offer "no wage increases for the foreseeable future" and a "voluntary exit program" will be set up for employees who wish to pursue other opportunities." A polite way of telling some workers that they are fired.

Fiat probably hoped to get a 35% share of Chrysler without putting any skin in the game. Why would the Italian auto company expect that? May it is just naive. The US government is unlikely to let a foreign company get a piece of a US company for free, especially if the Treasury is writing the checks to keep the American company afloat.

According to The Wall Street Journal, "Chrysler LLC has found an international partner in Fiat SpA but the auto maker isn't out of the woods, mainly because the deal is contingent on Chrysler getting $3 billion in additional government loans."

Why should Fiat walk in and get a piece of a firm that could be turned around using taxpayer cash? The answer is that it shouldn't. The Treasury should insist that Fiat put at least as much money into Chrysler as it is.

Fiat is really not giving Chrysler much for its 35% in the US car company. It will help retool some plants and use them to build small cars that both companies will sell. Whether that helps Chrysler won't be known for some time. In essence Fiat is getting its stake almost for free.

Treasury may want to tell Fiat that bailout money is in short supply especially with the economy getting worse. Fiat ought to pay its own way if it wants to get a piece of the American car market.

Douglas A. McIntyre is an editor at 24/7 Wall St.