There's no right answer here.
Option A is do nothing and let them die. The economy would absolutely tank if that happened. The reach of GM into various sectors of the economy is widely unknown. This would also cause both Obama and Harper to hurt in the polls.
Option B is what has happened. They've rescued a company with a terribly inefficient business model, pension nightmares, and a crappy product that doesn't compete with other automakers. But, they've saved countless jobs in doing so.
Again, it's easy to say you shouldn't spend the money propping up a badly run company. Who knows.
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