1) We didn't "save" anything. Bankruptcy has been a viable option for thousand of companies that emerged healthier.
2) The cost of war is non sequiter. Regardless of what we spend on military, it does not justify the bailouts.
3) We did create a tremendous moral hazard.
4) We did screw over the bondholders
5) We did screw over GM's competitors who could have taken market share.
As for number 4.......I still dont get why there was no outrage over that.
As for number 5.....Ford did it right....and they walk away as the losers. Go figure. Reward the bad at the cost of the good.
If by GM's competitors you mean Toyota, Honda, Nissan, VW, etc., I say fuck 'em. They are not American companies. It's not the U.S. government's job to take care of them.
Nissan and VW provide jobs for Tennesseans. GM is providing jobs for the Chinese.