Because for the next generation, they will be the party of “fat cats” and not “The working man”. On principle, I don't want either bailed out, but if you bail out one you have to bail out GM. Politically, that is the only option the GOP has right now.
Isn't that false belief already the perception? And none the proposed bailout will change the perception -- the Democrats will take credit for bailing out automakers anyway. So, why not do the principled thing from the start.