I agree with you Scott.
Regardless of the name on the car, there is no "American" made car anymore. Between Honda and Toyota, they have close to 20 manufacturing plants in the USA employing your neighbors and mine. As far as the profits going overseas, what about all of the executives that sit on the boards of GM, Ford and Chrysler that are not from the USA. All their salaries and bonuses end up going back to their countries of origin anyway. We just a CEO step down that was from Switzerland (Or was it Netherlands? Doesn't matter, the end is the same) if I am not mistaken. Where exactly did all of his monies go when he left the "American" car company? I dare you to look at any "American" made car and tell me that every part on that car was made in the USA. Sure they are assembled here and that in inself employs a lot of people, but in the long run, they are not made here, just assembled here.
I agree that this whole thing could have been handled better, but this is the gov't that we are talking about and that in itself should indicate at least a little mismanagement. What I do see as I mentioned before is a boost to the automakers in general and even if it is a small boost, it is something.