What is happening in this bailout plan? is it something larger than what we are being told?

Yes. Under capitalism the weak fail. The auto industry has been saddled by labor unions that have too much power such that foreign companies have taken over their market. If the taxpayer bails out the auto industry we will be paying twice for cars. Once as a tax to the government to support the "American" auto industry and its unions and second to the car company like Toyota and Honda for the car we buy. Is that fair to the auto workers who work for Honda and will pay taxes to GM so its workers will make twice as much as the Honda workers. It certainly is not the America where I grew up.