What happened to Reid's market meltdown?

[ben_meyers]

Last night he was literally trembling with fear at what Wall Street would look like today. The markets seem to be taking it in stride.

Overseas markets, Asia especially, have tanked. Maybe the last thing they want to see is a restructured American auto industry completing with them, and that's what they may get if GM, Chrysler and Ford have to re-organize.

[amdezurik]

1. why are you trying to blame him for that?

[ben_meyers]

6. Blame him for what?

Did you see that sniveling fool last night? Shaky voice, practically in tears over what he was predicting to happen. Reid is an embarrassment.

[amdezurik]

13. ah, so it's all personal to you

he for some odd reason did not want our entire economy to default and that of course makes him a coward, and your use of "practically in tears" to try to defame him and effectively lie about him just makes you an ever so special person...

[Phred42]

2. Reid is a blithering coward and must be replaced

[edhopper]

3. Markets probably helped

by WH talk to do a bailout anyway.

[JDPriestly]

9. Right, edhopper. The bail-out refusal is a bluff to scare UAW members.

[Fla Dem]

15. Bingo. They'll wait to hear what WH will or won't do. eom

[tridim]

4. You might want to wait until 4:01pm to make that statement.

[ben_meyers]

17. Okay! What happened to Reids meltdown?

[spanone]

5. he was right but the white house blunted it with hope of tarp funds

[Lasher]

7. Democrats might be making a big mistake with all the rush.

It might have been better to have waited until January 20 before doing anything, and I'm not just talking about the auto industry bailout. But I don't know, it might have been a mistake to have waited.

What do you think?

[Veritas_et_Aequitas]

10. There seems to be a certain urgency to the situation that precluded waiting.

Remember, GM and Chrysler were screaming "bankruptcy in a month" throughout this whole ordeal.

[Lasher]

14. Right, but they might be exaggerating to get the money.

On one hand I think of the way Hoover wouldn't do anything, and how the Great Depression resultantly ensued. More recently, Japan's slow reaction to their financial crisis in 1990 and their problems persisted for a decade.

OTOH, we are now looking at just a little more than a month before the Bush junta is gone. We let them rush us into the authorization for the war in Iraq and good God, look what a mistake that was! And it was more than just buying into their false claims of urgency, we trusted them. This regieme should never be trusted, and yet it appears Paulson has been given breathtaking authority over the TARP money with little corresponding accountability.

[Veritas_et_Aequitas]

8. Reid's a coward, but even cowards have valid points.

What I'm interested to know is how much Asian money is flowing into GM and Ford. That, too, could have caused a ripple-effect panic. Or Asian investors realized that the failing American automotive industry could have global implications. As for the other markets taking it in stride, see Bush's rumors of using TARP monies to prop up the Big Three.

[Phred42]

11. as in - even a broken clock is correct twice a day?

[olegramps]

12. why don't you stay up on things rather than running off your mouth

The reason that the markets didn't crash, as did the foreign markets, was that the White House came out with a strong statement that they would provide loans as required. This stabilized the markets.

Why don't you reserve your comments concerning the filthy Republican trash that are intent on taking advantage of the situation to destroy the United Autoworker Union and take down as many others with it.

Aren't you aware that the Southern States that have recruited the foreign auto makers have provided them with huge incentives to locate where they can take advantage of lower labor cost since throughout the South the enjoy a much lower standard of living than in the North. In fact the Dixie states actually receive more far more from the federal government than they contribute. The whole damn region is on the dole and its the Northern Union people who are footing the bill.

[lligrd]

16. Treasury Promised To Help Auto Industry

US Treasury ready to stave off auto sector collapse

WASHINGTON (AFP) – The US Treasury said Friday it is "ready" to avert the collapse of the Big Three US automakers until Congress can address their problems, a spokeswoman said Friday.

"Because Congress failed to act, we will stand ready to prevent an imminent failure until Congress reconvenes and acts to address the long-term viability of the industry," Treasury spokeswoman Brookly McLaughlin said.

The announcement came shortly after the White House said it would consider tapping a 700-billion-dollar financial rescue fund administered by the Treasury "to prevent a collapse of troubled automakers" after lawmakers failed to pass an alternative.

More: http://news.yahoo.com/s/afp/20081212/bs_afp/usautoeconomygovernmentpublicaid_081212155435