Last weekend Barack Obama told 60 Minutes that if the auto industry collapsed it "would be a disaster in this kind of environment, not just for individual families but the repercussions across the economy would be dire. So it’s my belief that we need to provide assistance to the auto industry. But I think that it can’t be a blank check…” If not a blank check then what should government do to restructure the backbone of American industry?

Today on GRITtv Arun Gupta, Peter Lazes, Mitchell Bard, Jonathan Cohn, and Betsy Rosenberg discuss what kind of bailout will work and what the likely outcome in Congress this week will be.