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Looks like we might actually get to a full scale Depression after the Senate Republicans, led by southern senators with foreign car companies based in their states, shot down the $14 BillionBig 3 bailout.

Richard Shelby of Alabama cried the crocodile tears for the Repubs saying that the Big 3 didn't know how to be competitive any more and that bailouts don't work.

GM and Chrysler will probably go bankrupt and restructure...but this will put thousands, or hundreds of thousands, of people on unemployment for short or long terms.

The anti-union stance of the Republicans will come back to bite them in the ass... the fact that Mitch McConnell and his buddies don't realize this is a sign that the change we have all wished for with Obama will have considerable, short-visioned competition from the old guard right.

So have a Merry Christmas, autoworkers. We'll get back to you in January.

Under The LobsterScope

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The US Senate failed to muster enough votes in a "test-vote," this evening, to bailout the U.S. auto industry. The Senate's failure to pass the bill, which CNN analyst and long-time political pundit David Gergen just referred to as "irresponsible," all but insures the unemployment of at least another 1.5+/- million Americans in coming months.

After following US Treasury Secretary Henry Paulson off of a proverbial cliff, just over 70 days ago, by passing what now amounts to an $8 trillion (potentially almost doubling our total national debt in one fell swoop) bailout, with most of those funds totally unaccounted for, even now, as I write this, the US Senate tonight decided they'd demonstrate just how tough they really were, in terms of protecting US taxpayer's financial interests, by running an entire industry into the ground through even greater acts of negligence than those we witnessed at the end of September.

These travesties of "governance" just get greater with every passing day.

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As distasteful as it seems, the taxpoayers must bail out the Big 3 automakers, not because of incompetence by Management, but because failure to do so will affect the workers, and throw the U.S. into a deeper Recession.

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Today's the day that the Big 3 automotive CEOs return to the Senate to beg for a bailout. For instance, GM is asking for $18 Billion, and, to show sincerity, the GM President drove his two other buddies from Michigan to DC in a hybrid Chevy Malibu. And he has joined them in saying he'd settle for a $1.00 salary this year (but has not mentioned any multi-million dollar bonuses or stock option plans.)

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