The stock market took another dive today as stockholder fears over the fate of Detroit’s automakers took their toll.
Earlier this week, the US auto industry collectively cringed as democrats and the White House battled over which massive pot of taxpayer money to waste on bailing out suffering American automakers. The dispute may lead to a stalemate, delaying the allocation of funds and threatening to leave the affected companies with nothing but their unsellable cars.
While democrats favor carving out a nice chunk of the recent 700 billion dollar bailout (known as Troubled Asset Relief Program, or TARP to its friends), the GOP wishes to utilize the 25 billion dollar Department of Energy loan program to aid the troubled industry. Those members of congress who suggested allowing the market to “do its thing” and avoid throwing vast sums of money into a pit of fire and twisted metal were politely asked by the majority to go to hell.
A divided vote in the houses of congress have led to a lame duck session, which will purposely reconvene Wednesday to continue being lame. No prospects of a vibrant, no-nonsense duck putting its foot down and making a decision are apparent, but in an unrelated story, my Hyundai Sonata is extremely fuel efficient and has an excellent warranty.
