Senate Repubs refused to pass the Bill backed by the White House and Congressional Democrats.... Chrysler and GM will not be receiving bail out money.... both companies may not last through the month....
What does this all mean??
One Senator was very candid (quote from the NYT article):
“It’s over with,” the Senate majority leader, Harry Reid of Nevada, said on the Senate floor, after it was clear that a deal could not be reached. “I dread looking at Wall Street tomorrow. It’s not going to be a pleasant sight.”
Mr. Reid added: “This is going to be a very, very bad Christmas for a lot of people as a result of what takes place here tonight.”
The counterpoint, offered by a Republican McConnell:
The Republican leader, Senator Mitch McConnell of Kentucky, said: “We have had before us this whole question of the viability of the American automobile manufacturers. None of us want to see them go down, but very few of us had anything to do with the dilemma that they have created for themselves.”
Mr. McConnell added: “The administration negotiated in good faith with the Democratic majority a proposal that was simply unacceptable to the vast majority of our side because we thought it frankly wouldn’t work.”
(Check out a video that explains the opposition position)
Now there is pressure on Obama to do something from within the administration....
maybe now the auto companies will have to come up with something good, like what Friedman talked about in his op-ed piece last week..
We shall see....
The whole economy seems to be collapsing. I wonder what this means for us? At what point will it really hit home?
How have your lives changed since the crisis?
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