I can’t believe that Congress failed to bail out the auto makers for 14 B when congress passed a $700 Billion bailout in favor of the financial institutions, namely to buy distressed mortgages. Wasn’t it the financial firms that got us into this mess in the first place. This 700 B was in addition to 85B given to bail out American international group, 29 B for the Bear Stearns/JP Morgan fiasco and another 25B for Fannie Mae and Freddie Mac. I guess the ruling elite are happy as long as they get bailed out, screw the average American.

Who is paying for this, the average American. If the 700 B is there to stimulate the economy, what better way then to assist the auto makers. No Bailout will affect thousands of those directly in the field and millions on down the chain. Tickle down will be immense. Markets are going to take a huge hit. It is almost as though they are actively attempting to destroy the economy with a decision like this.

Makes me sick that the average Joe is rescuing the “rich and reckless” and then when the average Joe is in trouble, he gets the cold shoulder. I suppose in a week or two they will reverse this decision and provide the bailout, but why put us through all this.

The big 3 in the US use a ton of steel and other metals, if they go under, I would assume demand for these metals will slip and this in turn will negatively affect SP.