Thoughts on the GM bailout proposal

This essay goes in favor of a bailout, on a few principles:

• It's a loan.  The Chrysler bailout in the 1980s was paid back.
• The credit crisis means that GM could probably not do Chapter 11 (reorganization bankruptcy) and would instead have to do Chapter 7 (liquidation).  
• That means as many as a million jobs lost in manufacturing and supplier stores.  And these are good jobs with health benefits.
  
• The Big 3 are retooling and learning the lessons, improving efficiency, renegotiating with unions, and building more fuel efficient cars.

A bailout isn't the worst idea ever, but there should be some fairly strong guarantees about the direction the industry goes if they get a handout.