The dire circumstances that General Motors finds itself in have been compared to the English-speaking peoples’ favorite epic failure–the sinking of the Titanic. While that tragedy and GM’s troubles to date share such similarities as the rush of water through the luxury liner’s hull and the gush of red ink from the Renaissance Center, the latest turn of events is more like a submarine sinking toward inevitable implosion.

GM CEO Rick Wagoner is imploring anyone in Washington who will listen to loan enough money to burn a wet mule to what was once the largest corporation in the world. The General barely has enough coin to keep the lights on, much less continue product development.

Hanging in the balance aren’t just the big executive salaries and bonuses, but the livelihood of union and non-union workers and their families; parts suppliers and their workers; and the businesses that depend on all these employees spending habits for their survival. All that’s just in and around the manufacturing and support facilities. GM’s current pitch includes the welfare of its dealer network, which is dependent upon, but completely independent of the corporate giant. But dealers succeed or fail mostly through their own devices, although not having any cars people want to buy is a huge handicap.

So with several bullet points in hand, GM’s lobbyists are crawling all over official Washington like frat boys on Spring Break in Ft. Lauderdale. Of course, they’re quoting numbers to bolster their argument that a failed GM will drag the economy into the abyss: 3 million jobs lost in the first year, a three-year tax loss of $156 billion and a similar loss of personal income, although the memo doesn’t give a time period for that.

Regardless of the desired dollar amount, American taxpayers–a significant percentage of whom are out of work–aren’t too keen on the whole idea. But they aren’t being feted at Georgetown restaurants and, in their defense, have more to worry about than whether some GM division manager’s kids go to Cranbrook Academy or not.

The long-term complexity of the situation is that without significant concessions from the UAW and some form of executive comeuppance, a $25 billion loan will simply allow the company to continue on as it has. Until it needs another $25 billion. For those reasons, and others, the company must file Chapter 11 first. That way the taxpayer’s money is under some kind of direction that’s independent of GM’s executives and the board of directors. UAW president Ron Gettelfinger needs to bring something to the table. While so-called legacy health care costs are changing hands from automakers to a union-managed system, that’s not enough. There’s no reason that production flexibility can’t be improved. How about paying workers for when they’re actually building cars? Without some allowance from the union that increases GM’s competitive stance, there will be the biggest permanent layoff ever.

Taxpayers are unsympathetic; without concessions from those getting bailed out, the public’s opposition will grow louder. It’s already loud enough to drown out the creaking of GM’s hull against the pressure of troubles that extend throughout the organization. Some Americans know the finer details. What the rest know is that Chevy and GMC make good–not great–trucks. The Corvette is a performance bargain, and Cadillacs are nice cars again. GM’s efforts to push the few new models that are competitive has been lost because the overly segmented market is a noisy place. Sort of like tapping on the hull and hoping someone thousands of feet above will hear you.

American taxpayers also know GM is foundering because of evaporating market share, inflexible union contracts and executives who can’t see past their next bonus period.

Now that Death has cast a long shadow over the company, the plea being made is, “What’s good for GM is good for the country.” The truth of that notwithstanding, the company hasn’t always done what’s good for itself or the country.

A simple handout without restrictions won’t change that.