Thursday, December 11, 2008

Headline reads, "$14B auto bailout dies in Senate." What a shame.

Part of the breaking news story said " Sen, Harry Reid called the bill's collapse "a loss for the country," adding: "I dread looking at Wall Street tomorrow. It's not going to be a pleasant sight." Early overseas stock market reaction is as follows. The Hang Seng index is now down 1000 points and the Nikkei is down almost 500 points.

So here we are and the collapse of the Auto Industry loan, and I stress the word "loan", got whacked by Senate Republicans this evening. We still have the politics of the past from the remaining Republican Senators like Mitch McConnell, John Ensign, Bob Corker, Richard Shelby and others who are willing to allow hundreds of thousand of people to loser their jobs which is most likely to cause additional foreclosures over a few Billion dollars because of their so called "principles". If so, why did they pass a $700 Billion bailout of Wall St. without any such concerns. It is hypocritical and shamelessly without compassion during their declared, most important religious holiday for the Christian Right of the Republican Party, Christmas. We now know who the Grinches are, Republican Senators who need to be removed from the Senate next election. I am appalled at what I have just witnessed. I will tell you this, they are playing with fire and this lack of compassion for the people is what can trigger riots in the streets.

I hope you can see the inequity here and the hypocrisy of their position. $14 Billion versus a Trillion dollar bailout so far without any strings attached for the Banking and Insurance system. It doesn't even count the $12 billion a month we are spending in Iraq and all the Trillions this Administration poured down the drain in putting us into debt our children and their children will have to pay off. Disgraceful!

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