So the bailout for the US auto industry didn't pass through congress today, falling short of the required 60 votes by a mere 8 votes. No doubt we will see the effects of this on Wall Street as this will signal an almost apocalyptic loss of jobs in the US. In all likelihood, a few revisions will be made and we will see the bill passed in the new year - I can't see how the Govt can bail out the financial sector and then turn a blind eye to a sector which supports millions of jobs.
It has been suggested that the requested 15 billion dollars come from the TARP funds already approved by the Government, however it looks like this isn't an option.
Regarding TARP, complete lack of transparency from the Government to the tax payer and abuse of the funds continues. Bloomberg itself filed a suit under the freedom of information act to ascertain where these funds were going - The information still remains secret.
What a joke that the Government lumps billions of dollars of obligations on future tax payers and then refuses to tell them where the money is going. This program has been used and abused from the very start.
DS
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