2008-12-12bloomberg.com

“It’s over with,” Majority Leader Harry Reid said on the Senate floor in Washington. “I dread looking at Wall Street tomorrow. It’s not going to be a pleasant sight.”

That is a telling comment. So I guess Congress does check Wall Street first for a reaction to anything they do. Nevermind principles, or, say, the American people.

Also earlier, South Dakota Republican John Thune suggested that if talks collapsed, the Bush administration might aid automakers with funds from the financial-rescue plan approved by Congress in October.

“I think that is where they go next,” Thune said. “I wouldn’t be surprised if they explore all options.” The Bush administration thus far has opposed that option, which was favored by Democrats.

Ok, sure, why the hell not!

Augghghghghhg!


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Comments:

mortgagemess at 07:32 2008-12-12 said:
The greed of the Unions and the "private plane" taste of upper managment killed the 3 auto companies.

These companies NEED to go BK to get rid of the union contracts, they need to renegotiate the contracts of upper management, downsize and consolidate and then redo their business model.

Based on what the unemployment rate is in this country right now, I AM SURE they would not have a problem finding workers who would be happy at $20 a hour. Upper management needs to be cut down to making a certain salary amount, within reason, and have the big money tied to the performance of the company, not some stupid NFL type contract.

Sorry, but this has been coming since we allowed foreign car companies years ago to become a dominate force in our auto industry. We, the auto makers never tried to be competitive. Giving them the money is simply a waste of time and a delay to the inevitable.

I find this whole situation such a comparision to the homeowners who are in the same boat today. Having borrowed and borrowed their way into a lifestyle that wasn't theirs to begin with. Never making concessions, never adjusting for the rainy day, and never wanting to realize how it could all end. Sorry, but no one is really bailing them out, so why should we do the same for a company or companies that were run like a equity line junkies. Permalink

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