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.