No, no no we won't go. The House of Representatives passed the auto bailout plan, to allow the industry to have abridge loan of fourteen-billion dollars, to try to save itself and become viable. But the good old smart Senate, which does not think that it is any big thing to have, three million families in the unemployment lines, or adding to a large portion of that number losing their homes through foreclosure, decided to
toss the bill out the window, and take their chances with the companies going bankrupt. Mostly the Republicans, derailed the bill, with the stong voice of senator Shelby, who has two foreign automaker plants in his backyard, leading the charge to kill the bill. Then there might be a little conspiracy going on, whereby, our less then popular President can come in like Mighty Mouse, and save the day by giving the automakers the fourteen billion dollars from the TARP funds, money set aside for the beleaguered and rich Wall Street bankers, who oh so deserve to be assisted with their problems. So the White House is no reviewing whether or not to provide the money to the auto industry.
News Alert: U. S. Treasury vows to prevent the auto industry from failing.
The no passage vote,on the auto bailout plan, caused the Asian markets to skid downward. The U. S. market started off at the open two-hundred points, then begin to climb, when news of the White House consideration to give money to the automakers was reported.
At this point, GM and Chrysler face immenent collapse, as the operating capital will not be there, at least for one, by the end of this month, reportedly. There may not be any way to stop the cascading effect, even if they receive the cash inflow, it would appear that the industry needs much more time and some two-hundred billion dollars, at least to really make a difference. What company that is so low on funds, will be able to build cars, sell them and become profitable in three months? It is an insane thing to exppect, but maybe I'm crazy.
There is another factor facing GM, GMAC which lends GM the money to purchase it's inventory is facing a default, if it does not secure thirty-one billion dollars, by the end of today, in order to qualify to become a bank holding company. So double whammy for GM.
GM has hired bankruptcy lawyer, for advice and to reconfigure automobile.
The Illinois State Attorney General, made good on her threat, to go to the State Supreme Court, and have Governor Blagojevich
declared unfit to govern the state. Attorney General, Lisa Madigan held a press conference, this morning laying out the steps that would follow her action, of trying to have the Governor removed from office on a temporary basis. The Governor's Chief of Staff, John Harris has resigned cites reports.
Speaker Pelosi, said the House's economic stimulus package, may reach five-hundred billion.
There is a seventh day of protesting in Athens greece, due to the shooting of a young man.
The SEC will reportedly, be filing charges against Bernard Madoff, former Chairman of NASDAQ, in a multi-million dollar ponzi scheme. His sons are said to be the ones, who turned him into authorities. Giant ponzi scheme cost investors fifty-billion dollars, according to reports.
Retail sales down 1.8%, fifth straight month of losses.
Crude Oil gained 14% this week, Gold gained 9%.
U. S. Pension Agency, asks court to end Lehman Brother's underfunded retirement plans.
New England ice storm, cuts off power to more than a million, and downs trees.
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Travel a different route, once a week to or from work, distrub your equilibrium a little, to keep it from being simply boring.
