In breaking news, the Senate rejected the auto company bailout by a substantial margin:
However, they may get some aid from a kiss-butt White House or, similar to the $700 billion TARP bailout (which people seem to have forgotten or not care about anymore), maybe Congress will come back in a day or two and give them something.
This will be interesting to watch play out. There is expected fallout worldwide but folks believe me, we’re heading into a deeper recession and this would have happened anyway in 6 months. I discussed the problems of the American car companies in a recent article HERE, and this only gets exacerbated in a recession. Furthermore, it seems the workers weren’t willing to take a pay cut, but everyone was QUITE WILLING to take YOUR TAX DOLLARS (nice how that works isn’t it? Everyone loves a sugar daddy/mommy).
I expect many layoffs in January as kindhearted employers wait til after Christmas to shed staff, which for many, will probably merely precede their own demise by 6-9 months…