Apparently - the exec's flying into Washington in their expensive private jets didn't go over well with some Congressmen - who decided that it was best to go on vacation for Thanksgiving rather than handle the automobile crisis in a more expeditious manner - thus causing the stock market to tank today
Actually - one article stated: "As Congress prepared to leave town -- perhaps for the year -- there was no such resolution on helping the auto industry, a disaster in the making that could lead to hundreds of thousands if not millions of additional lost jobs. Democratic leaders said they could return to Washington in mid-December to vote on rescue loans if the carmakers first present a plan on transforming and modernizing their operations." (So nice of the Democrats to come back in 17 days - to cut their vacation very short.)
Discouraged by the stalemate over auto aid, investors sent the Dow Jones industrials down to another big loss, 445 points.
But I agree that they shouldn't be loaning out dollars unless then see a decent plan. Of course - what plan did they see for the $700 blllion "bail out?" Nothing. In fact - Paulson totally reversed what the funds were supposed to be used for. How swift.
Perhaps the govt should just give each person in the US over 18 - $30,000 to get the GM or Ford car of their choice!
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As long as the federal, state and local governments decline to make us pay any taxes on said cars for up to five years.
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