Two weeks ago, executives of the Big Three automakers trundled into their private jets to Washington to beg for $25 billion in federal bailout money. Instead, they got a big public smackdown, as Congress sent the executives back to their rooms until they finished their homework in coming up with a plan for viable business models. The automakers' eager, instantaneous "no problemo!" response made many people suspicious.

Today, the automakers are back in the principal's office, viability plans in hand (or "restructural plans,"...