How to save GM?

GM is close to doomed. The stock is down around $10, which makes the entire company, once the biggest corporation in the world, worth only $5 billion. Sales are down, they don't have cars that people want to buy, the price of gas has destroyed demand for SUV's and pickup trucks. They will burn through the rest of their cash in a year or so.
The Wall St Journal opined that only the development of desirable bread and butter sedans would save them. There's something to that, if you are going to be a car company, you have to have cars that people like. But better is to invent a new car type. Lee Iacocca did this repeatedly in his career. He fathered the Mustang, the K cars, the the minivan. GM needs someone like Iacocca who has a feel for the market and creates things that sell. Rick Waggoner ain't that guy, he barely knows where the ignition key goes, let alone what makes a hot selling car.
GM ought to try making a two seat micro Corvette. Do a very small, low cost, two seat sports car. Figure out some way to get surfboards, snowboards or skis into it, or onto it. A roof rack, a fold down rear window , a pass through from the trunk to the cockpit, something. Make it light, offer a 5 speed manual, a 4 cylinder engine, get the gas milege up over 30, get the front rear weight distribution 50-50, give it the pizazz of the 'Vette at a third the price point.
Second new car, the micro hauler. A car in the Cobalt class that somehow allows the owner to get 4*8 sheet goods back from the lumber yard or furniture back from the auction. Doesn't have to seat more than two, but must handle the cargo, and be cheaper and less thirsty than a minivan.