I haven't ranted for a long time, and so here it goes.
In the 1980s, when the Big Three were being hammered by the Japanese imports, they pressured the US government to implement restrictive policies. So the US goverment tightened its screw around the Japanese government, and the latter agreed to limit the volume of Japanese cars exported to the US--called Voluntary Export Restraints, rather ironically. The result? The Big Three reaped billions of dollars in extra profits, but that wasn't the end of the story. Since there weren't enough Japanese cars to go around to meet the persistent demand for them, American consumers had to pay thousands of extra dollars to get hold of Hondas and Toyotas. So the Japanese automakers also did very well, earning a great deal of extra profits from higher prices. The losers were American consumers, who had to empty their pockets to fatten not just the Big Three but also the Japanese automakers.
There is more to this story. Since it was the number of cars that was restricted, not their dollar value, the Japanese shifted their production and marketing to higher-end, more expensive models with even larger profit shifts. And we all know what Lexus and Acura meant for Lincoln and Cadillac; so much for long-term, strategic thinking.
It's also unrealistic to think of automakers as national companies anymore. GM owns Saab; Ford has controlling interest in Volvo, Jaguar, Land Rover, and Mazda; Renault and Nissan are in the same bed; and Daimler took over Chrysler even though it was at first claimed to be an equal merge. These companies are globalized, with production facilities located around the world and parts supplied from all kinds of places. So the trouble that's ailing GM and Ford is no longer about import competition or high labour costs, but it is about bad strategic planning and short-sighted management that keep producing mediocre cars.