Friday, December 12, 2008

Happy Friday

Only 9.5 hours until the market opens - and here's the news:

$14 billion auto bailout dies in Senate

AP, By Julie Hirschfeld Davis and Ken Thomas, December 11

$14 billion auto bailout dies in Senate after talks collapse over union wage cuts

WASHINGTON -- A $14 billion emergency bailout for U.S. automakers collapsed in the Senate Thursday night after the United Auto Workers refused to accede to Republican demands for swift wage cuts.

The collapse came after bipartisan talks on the auto rescue broke down over GOP demands that the United Auto Workers union agree to steep wage cuts by 2009 to bring their pay into line with Japanese carmakers.

Majority Leader Harry Reid said he hoped President George W. Bush would tap the $700 billion Wall Street bailout fund for emergency aid to the automakers. General Motors Corp. and Chrysler LLC have said they could be weeks from collapse. Ford Motor Co. says it does not need federal help now, but its survival is far from certain.

The White House said it was evaluating its options in light of the breakdown.

UPDATE: Not to worry - we'll just throw the TARP over them - that should tide 'em over 'till the next Congress.


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