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Friday, December 12, 2008

It Ain't Over Till It's Over!

Even though the Senate failed to pass a bailout for US automakers, it looks like Detroit may get money after all ... The White House just announced it's considering bailout out Detroit's Big 3 using the Treasury Department's TARP program, the $700 billion rescue fund.

But didn't Bush say he WOULDN'T use the TARP money to help the automakers? Sure he did (through Treasury Secretary Paulson). But he doesn't want to go down in history as the President who let the automakers die -- he'd much rather Obama get that title (ha-ha).

Anyway, this turned around the market this morning, so it's off its lows (but still down). And we don't know where we'll end the day. Up 100? Down 300? I don't know. As I said in my previous post, we'd probably have a "sell the news" reaction to a bailout passing anyway.

And as I also said earlier, if the automakers can hold out until January, they have a much better chance of getting money out of the new Congress.

Someone needs to get a hook and yank the head of the UAW off the air. He's horrible -- his presentation doesn't help his case. After listening to him, it sounds like it's better for auto workers NOT to have a union.
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