I wouldn't mind reposessing his and his immediate family's property either. Give them homes and identities from the Witness Protection plan. I'm half unserious...
http://biz.yahoo.com/ap/081211/congress_autos.html AP Auto bailout talks collapse over union wages Thursday December 11, 10:40 pm ET By Julie Hirschfeld Davis and Ken Thomas, Associated Press Writers Senate auto bailout deal collapses over Republican demands of quick union wage cuts WASHINGTON (AP) -- A $14 billion emergency bailout for U.S. automakers collapsed in the Senate Thursday night after the United Auto Workers refused to accede to Republican demands for swift wage cuts. Senate Majority Leader Harry Reid said he was "terribly disappointed" about the demise of an emerging bipartisan deal to rescue Detroit's Big Three. He spoke shortly after Republicans left a closed-door meeting where they balked at giving the automakers federal aid unless their powerful union agreed to slash wages next year to bring them into line with those of Japanese carmakers. Republican Sen. George V. Voinovich of Ohio, a strong bailout supporter, said the UAW was willing to make the cuts -- but not until 2011. Reid was working to set a swift test vote on the measure Thursday night, but it was just a formality. The bill was virtually certain to fail to reach the 60-vote threshold it would need to clear to advance. 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." The implosion followed an unprecedented marathon set of talks at the Capitol among labor, the auto industry and lawmakers who bargained into the night in efforts to salvage the auto bailout at a time of soaring job losses and widespread economic turmoil. "In the midst of already deep and troubling economic times, we are about to add to that by walking away," said Sen. Chris Dodd, D-Conn., the Banking Committee chairman who led negotiations on the package. Sen. Bob Corker of Tennessee, the GOP point man in the talks, said the two sides had been tantalizingly close to a deal, but the UAW's refusal to agree wage concessions by a specific date in 2009 kept them apart. The autoworkers' contract doesn't expire until 2011.
hopefully we are down less than 600 tomorrow when we gap down cause i am long rofl. oh well...i can take the hit. i am just more pissed off that i am not still short.
Hopefully they find a way to bail them out with TARP money ... my job is related to the auto industry so this is a rather scary prospect at the moment.
i can't imagine this bailout happy fed/treasury allows these guys to fail. they will get a bridge loan from someone.
Man, if I see a 600 point gap down, I'm going to wet myself. Futures are down over 300 right now. I bought some SDS in one account and some DXD in another to hedge against the auto bailout not passing the senate. I'm still going to get hit, but nowhere near as bad as if I hadn't bought into those positions. I may sell off in the morning and open some new positions depending on what I see happening.
For real ... they can spare $700b for banks but they can't spare $14b for companies providing jobs to real people? People around my place of work are getting more and more paranoid each passing day. Already they've offered a bunch of senior employees voluntary retirement packages, and they had a meeting with the contractors this evening that had everyone spooked, although the word was that nothing was happening to the contractors...yet. I'm a full time employee with almost 5 years tenure so I probably have as much job security as anyone, but if this industry collapses then our entire business is in trouble.
Yeah, but how long will that keep them afloat? Are we dealing with the inevitable that we may be keeping a DNR patient alive?
I hope you're alright and can survive for a while even if it happens. I was laid off last week with a bunch of others in our department. I'm not worried about myself, but I feel for people who I worked with that have families that need insurance that were canned with me - especially right before Christmas. FYI, I was working at a company that dealth with equities, options, commodities, and FOREX trading software. Needless to say, our subscriber base dwindled big-time over the past few months...
yeah i totally suck. i had been positioning myself for this sell off for days and then i totally screwed it up i had a nice position in FAZ (3x bear financial etf) that i just totally tripped over my own feet and got out when i shouldn't have. that position would more than hedge for my losses tomorrow if i was still in. oh well...hopefully i don't get completely kicked in the balls tomorrow.
Same here ... in my case I was too busy dealing with actual work to think about hedging against tomorrow (and I wasn't even aware they were going to vote tonight).
So since I know that the market will go down tomorrow, would it be a smart move to buy in some DXD at the markets opening tomorrow, or should I put in the order right now?? Sorry for the dumb question, but what would be the difference?
I don't understand this post. Can you explain? I'm familiar with Atilla and his blog. I've actually seen him once on the streets near Lower East Side in NYC.
I thought it would have gone through the weekend...declaring it dead overnight is a bit of a surprise.
Don't worry, you'll only get the 300 point gap, leaving you to wonder if it will sink another 300 points or if Paulson will come through with TARP money on the side to spark a furious short covering rally. Nothing's easy!
