After the recent bailout of AIG, Freddie Mac, and Fannie Mae, investors are wondering if the Big Three – Chrysler, GM, and Ford – are next. Sorry to tell you, but they’ve already been bailed out.

It happened without much fanfare last December, when Congress approved a $25 billion loan package for the Big Three (about $8.3 billion per automaker). This loan was passed in part to help spur the development of fuel-efficient engines, designs, and technologies.

While a bailout is never good news, it does give the Big Three more than enough capital to keep operating past 2010. With the lowered default risk, GM and Ford bonds are very attractive (and safe).

You could get into GM or Ford bonds maturing in 2010 at a great discount to par (and interest payments in excess of 7 percent). To find them, simply go to the Yahoo screener (screen.yahoo.com/bonds.html) and enter your criteria.