"Bail out" is a term of many meanings -- bail out of jail; bail out a boat; bail out of an airplane.
Congress is now adding a new definition -- jumping into a doomed automobile [company]. A $15 billion bail out of Detroit has been agreed to "in principle." But the principles do not include any haircut for the dealers, the bondholders, the UAW, state and local governments, or any of the other dug-in vested interests that have put the companies into stasis for 30 years, nor any restructuring or serious planning. The best the government will get is an agreement from the companies to consider possibly doing something. Sometime.
At least not all the money will be wasted. GM can continue to be the world's largest private buyer of VIagra. Maybe this is the secret -- drop enough of it into the soup in the Senate cafeteria and the Congressional urge to waste money, a drive stronger than sex, becomes irresistible.
One can make a case for a bail out that takes the form of a bankruptcy with the government then providing Debtor in Possession financing. But this deal gives political corruption a bad name.