The GOP did it again. After all the talks, another bailout in the U.S. has collapse due to Republicans tanking it.
With the failure of the U.S. bailout, the three American car giants Ford, General Motors (GM) and Chrysler are officially dead companies on life support. So far only GM has admitted to hiring lawyers with a view of bankruptcy, but I suspect they are not the only one.
I have to wonder why the Republican Senators did not pass the bailout, because it almost guarantee that at least one of the 3 car giants will have to go. The demand that wages paid by the car giants to their workers must be brought into line with those at foreign firms seems quite a silly (and minor) thing when compared to the danger of the collapse of the bailout! I mean with sweeping job losses all over the world; why would they want to add on to the problem now?
When there are layoffs at Bank of America, the second biggest bank in the world, surely job losses in America is more important than economic principles? When a US banking giant like Citigroup just cut 50,000 jobs last month, does America really want auto-workers to join financial workers in the unemployment line at the same time? Is the dive on the stock markets after the last bailout failure not enough? Do they want another 777 points loss on the market? Yes, I admit that's unlikely this time but is any dive on the stock market a good thing at this point of time?
Like it or not, that's what going to happen now.