So, yeah- the auto bailout bill died in the Senate.

I think that the best part of this is that it was the UAW that screwed the auto industry blue once more, by refusing to lower wages before their contract expired in 2011. Because of this, most Republicans refused to vote for the measure.

So now, instead of the UAW members having their jobs at a lower wage there’s a strong possibility that they may lose their jobs completely.

“Total Awesomeness” doesn’t begin to describe my thoughts on this. Well done, Republicans in the Senate. You finally stepped up and did the right thing.

Of course, there’s still the possibility that Bush could decide to give them money from the $700 Billion debacle. But that’s a different fight.

Out.

CNN reports: The U.S. entered a recession in December 2007, according to the National Bureau of Economic Research.

Duh.  Really?  I think anyone could tell you that.

“The committee views the payroll employment measure, which is based on a large survey of employers, as the most reliable comprehensive estimate of employment,” said the group’s statement. “This series reached a peak in December 2007 and has declined every month since then.”

Employers have trimmed payrolls by 1.2 million jobs in the first 10 months of this year. On Friday, economists are predicting the government will report a loss of another 325,000 jobs for November.

That’s a big loss in November but I know personally of people who have been laid off so it doesn’t suprise me.

Look at it this way, everyone loans everyone money, we’re a service economy and the only way we could continue doing business is to buy more stuff, consumerism at its best.   It’s not working, we’re seeing the gears grind down to a halt.  American Express has began to cut spending limits for its customers and/or deny paying items because they don’t even have funds to pay their employees (supposedly).  When I have a 30mil. hedge fund manger tell me today that we’re at the end of the beginning and it’s only going to get worse, I have to stop and pause.  What our government has been doing has only been keeping the ship a float by lying to us. 

Our ship is sinking.

CNBC is breaking news at this moment that Morgan Stanley has officially opened talks to merge with Wachovia. Morgan Stanley has been talking with China to raise capital and is continuing to do so. More as this develops.