Looks like Congress has nixed the Big Three bailout...all we can do is wait, now.
http://news.yahoo.com/s/ap/20081120/ap_on_go_co/auto_bailout_what_s_next
And now, for a counterpoint to the pervasive doom and gloom:
Excerpt:
No Auto Bailout? Investors May Just Say 'No Problem'
Cox | 19 Nov 2008 | 04:21 PM ET Text Size If Congress turns its back on the Big Three auto makers—as many expect—investors probably won't drive the stock market off a cliff.
Instead, some market experts see at most a brief selloff once news hits that Ford [F 1.26 -0.42 (-25%) ], General Motors [GM 2.79 -0.30 (-9.71%) ] and Chrysler won't be getting a bailout.
Click here to watch House auto hearing live
Market reaction otherwise could be muted, despite the big scare headlines such a development would generate—and worries among average investors (see poll below).
"The market believes the importance of General Motors and the Big Three to the country at this stage is significantly smaller than what the auto makers are trying to make out," says Jordan Kimmel, a fund manager at Magnet Investing in Randolph, N.J.
"This (bailout) would be throwing good money after bad," Kimmel adds. "And you're looking at a couple of organizations that for years have missed every kind of business clue, and I think that the country is OK with letting somebody fail at this point."
Kimmel says the auto industry would recover as foreign producers like Toyota [TM 59.76 -3.49 (-5.52%) ] and Honda [HMC 19.89 -1.48 (-6.93%) ] open new plants in the US and consumers buy their cars instead. That, in turn, would prop up ancillary businesses, such as suppliers and maintenance shops, that count on the automakers for their survival.
link:
http://www.cnbc.com/id/27803683