Why bail out Detroit? One of the arguments I've heard recently is: "High tech green cars from Detroit are just around the corner. We only need a year or two more to show the world." At least it's better than, "If you're giving the bandits on Wall Street $750 billion, what's $25 billion for Detroit?" That I actually heard from a Detroit insider last week at the Los Angeles Auto Show, and when he said that, several others in the room nodded in agreement. Here are five reasons why the bailout can't hinge on technology promises of the Chevrolet Volt:

1. Who knows when the Chevrolet Volt will be ready? GM says 2010, which could be as much as 25 months from now if GM meets its deadline. And that's just one vehicle. GM says the Volt meets the needs of 75% of America's commuters, but that's a far cry from selling to even a fraction of those millions.

2. Who knows if GM will keep its engineering? GM says the lithium-ion batteries will give the Volt a 40-mile range. Suppose at launch it's dialed back to 30 miles which translates to 20 miles on a very cold or hot day in a hilly area. Ten miles out and 10 miles back won't cut it. Sure, the gasoline engine will kick in when the battery dies, but if that's an everyday occurrence, some of the magic of the Volt dies.

3. The Volt is only one vehicle targeting one segment: People who want a compact car for mostly in-town driving and have access to a wall outlet for charging (so forget about apartment dwellers and homeowners without garages). And who probably have a second vehicle for long trips.

4. Electric scales down but not up. The amount of batteries to keep a 5,000-pound SUV rolling around town for 20-plus miles would fill an SUV and not leave much room for the kids, dogs, sports gear, and juice box holders that typify an SUV.
5. Rational consumers won't pay a 100% premium to save the earth. GM originally projected $30,000, now perhaps it's $35,000, and it could be $40,000. A compact gasoline-powered car with the same features as the Volt would sell for $15,000, $20,000 tops. A Hollywood actor with a heart of green might pay twice the cost of a Honda Civic but not most people.

The Volt looked like a better deal when gasoline cost more than $4 a gallon. Now it's under $2 a gallon in some parts of the country. Unless Congress puts a floor under gasoline prices - meaning a tax - that makes gasoline cost $2.50 or $3 a gallon, our interest in high-efficiency cars will come and go. Congress hasn't had the fortitude to do it when the economy was moving ahead, so it's certainly not going to raise gasoline prices now.

The Chevrolet Volt is one of the most intriguing ideas to come out of Detroit in a generation. And the Big Three automakers are pioneering technologies we need at prices we can afford (sort of), such as active cruise control for $1,000 when most German and Japanese automakers charge twice that. But the promise of almost-ready, home-grown high tech as the reason to bail out the Big Three makes me uncomfortable.