Bailout the Carmakers?

From here, an interesting calculation.

"Yermack estimates that the aggregate capital investment in GM and Ford since 1980 has led to a net reduction in capital of $465 billion...This is what I find particularly disturbing: with that $465 billion, 'GM and Ford could have closed their own facilities and acquired all of the shares of Honda, Toyota, Nissan, and Volkswagen.' "

Like I said before, how about we just pay off the workers, if we're so concerned with their welfare (and by the way, the wage rate in US automakers is about $70 per hour when benefits are included, compared to $28 for the average American)?   Even better, let's take the proposed $25 billion in bailout money and use it to buy a basket of stocks, which are terribly cheap right now, and offer a much better return over time than decrepit old car-makers that are supporting the lifestyles of a number of under-productive Lions fans.