Senate Rejects Auto Bailout Plan

Global economic trends continue gloomy, with ongoing problems compounded by the Senate rejection of the $14 billion bailout for the auto industry. The bill’s collapse sent shock waves through the global market, prompting losses across all the main indexes. However, given the weight of the auto industry in the economy, it is unlikely that the US government will allow for the bankruptcy of one or more of the Big Three.

Assessment: Some deal will be hammered out in the Near Future that will prevent the loss of the 3 million jobs that the auto industry sustains.

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