The price of labor just like any other price in the free market economy is determined by supply & demand. So they need you for $5/hour. You know you are worth (i.e. can easily get) the same job for $10/hour. The capitalistic/free market way of this to work out is that you go working for 10usd/hour this way rewarding competent guys who can built cars with profit to pay you your rate and at the same time penalizing incompetent company that can't build cars with profit. At the end this means the incompetent company should go bankrupt and resources it was holding hostage - workers, machinery, real estate, steel that they used, etc, etc. can be bought on cheap via bankruptcy process by competent companies that will put all of that to better use.
That's actually what should happen in 2008 with the banks. The incompetent banks that were lending all this risky money to guys without checking if they can ever repay, should go bankrupt - Citi, GoldMan, you name it. Then via baknruptcy process they would free up a lot of workforce, a lot of bank branches, office space, etc. to be bought by competent banks on the cheap (it's bankruptcy after all) and put it all to better use. 3/4th bank from Ohio - its CEO - knew about the housing bubble in advance. He was cautious. If we allowed the market forces to work he - a competent banker - would be the one who would buy on cheap / take over assets of incompetent morons like Paulson ex-CEO from Goldman. That's how free market economy works. This transition period - when people loose their jobs, etc due to incompetent morons CEOs - is horrible. But the things get reassigned and after some time people find work at competent banks that make sense. Instead, we got Paulson and other incompetent loosers convince the Government that they - incompetent CEOs - should be bailed out by tax-money. They told a few fairies about the end of the world that will happen for sure if they go bankrupt. The same was repeated by politicians and TV talking heads. And here we go - competent banker is taxed to pay to incompetent bankers do they can do the same mistakes all over again. Just one thing - please don't call this motrosity capitalism. It isn't.