Better late than ever, I suppose. To listen to some Conservatives talk, the loans are open ended and there’s no accountability. Which is, of course, wrong. 
From The Politico:
President George W. Bush stepped in Friday to keep America’s auto industry afloat, announcing a $17.4 billion bailout for GM and Chrysler, with the terms of the loans requiring that the firms radically restructure and show they can become profitable soon.
"If we were to allow the free market to take its course now, it would almost certainly lead to disorderly bankruptcy," Bush said at the White House, in remarks carried live by the national broadcast networks. "In the midst of a financial crisis and a recession, allowing the U.S. auto industry to collapse is not a responsible course of action. The question is how we can best give it a chance to succeed."
Bush said that "bankruptcy now would lead to a disorderly liquidation of American auto companies."
"My economic advisers believe that such a collapse would deal an unacceptably painful blow to hardworking Americans far beyond the auto industry. It would worsen a weak job market and exacerbate the financial crisis," he said. "It could send our suffering economy into a deeper and longer recession."
The money will come from the Wall Street bailout passed by Congress, a reversal for the White House. President-elect Barack Obama and Democrats had long advocated that course, and Bush had resisted it.
Of the total, $13.4 billion will be paid out in December and January, administration officials told reporters in a briefing. The last $4 billion is contingent on release of the second installment of the Wall Street bailout funds by Congress.
As you can see here, there is accountability, there are conditions on the loans, they are not open ended, and if the auto companies do not get their acts together, the loans will be recalled.
Of course, that is not good enough for some Conservatives like Michelle Malkin, who says that someone should sue the Government over the loans to the Auto industry. Yeah, Michelle, like that will really work. 
The Party that you are a cheerleader for, is already in the minority, has been driven to the wilderness; because of that beady-eyed bastard in the White House, why not just drive a damned stake through the heart of the party? I think Michelle needs to seriously look into going to the hospital, because I believe that "Sickness" that she has, is going to her brain. 
Yeah, I know, defend Malkin one day and whack her on the ass with a wet towel the next, it’s all about Equal Opportunity around this Blog. 
Anyhow, some also believe that this will soften Bush’s image a bit, The Moderate Voice’s Joe Gandelman Notes:
It will help add a positive note to the legacy of Bush who, at best, will be considered a highly flawed President and, at worst, rank as one of the worst in American history. The Republicans in the Senate, acting on ideology, regional politics and anti-union sentiment, had scuttled the bailout — giving the GOP an image once again of a party stuck on ideology.
I agree and I disagree; it might soften his image a bit amongst Independents and some moderate Democrats who did not like that guy, but amongst the hard left, I suspect that President Bush will be the most hated President ever.
Personally, I think Bush did what he felt was right, he put his Party politics aside for a change and did what was right, I commend him for it. I just hope that the auto industry uses this money for the proper purposes and gets their damned act together. Our Government has done the right and proper things, now it is time for the Auto Industry to do theirs. Many people are pessimistic about this; I, on the other hand, try to remain positive about this and hope like bloody hell that G.M. does get their act together. For the sake of the retirees, for the sake of all those who have families that work for those companies, for the sake of all the employees of the local and not so local suppliers and their families.