⭐🔥 Click here to check Latest Celeb News & Celebrity Gossip in 2022! 🔥⭐
The Washington Independent
The Washington Independent

The Immediate Effects of the Auto Bailout Failure

Rian Mcconnell
News
Last updated: Jul 31, 2020 | Dec 12, 2008

Stocks already are down, both in global markets and in the U.S., Bloomberg says today, blaming the failure of auto bailout talks. The dollar and crude oil also both are falling.

From Bloomberg:

“This is a very stressful, tense time for the market and for everyone else,” said Alan Gayle, senior investment strategist at Ridgeworth Capital Management, which oversees $70 billion in Richmond, Virginia. “The tentacles of the auto industry throughout the economy are fairly extensive.”

There’s also Bernard Madoff’s $50 billion Ponzi scheme to make Wall Street nervous. It all adds up to a nasty double-whammy:

“His market making operations are big, his investor base was widespread and the fraud will destroy confidence in some areas of money management,” Peter Boockvar, a New York-based equity strategist at Miller Tabak & Co., wrote in an e-mail to clients today.

As Laura noted, the White House possibly may step in to extend a lifeline to automakers. Word of that scenario apparently eased some of the cliff diving. But no one’s expecting a rally.

There are still broad economic consequences to ponder if the automakers go under. That’s the focus today. As all this sinks in, I think the next phase will be to consider the political consequences to Republicans for starting a class war with union workers.

Funny, I don’t recall Republican lawmakers declaring loyalty to their core beliefs and coming down hard on Wall Street bank executives who came to the government, hat in hand. It reminds me of schoolyard bullies picking on the most vulnerable children. Republicans looked at this as an opportunity to break a union, rather than considering the impact it will have on workers who have nothing to to do with the UAW. As everyone pays for the auto industry’s collapse, that stance will come back to haunt them.

Rian Mcconnell | Rian is a Villanova University graduate who was born in DuBois, Pennsylvania. He graduated from Thomas Jefferson University in Philadelphia with a medical degree. His residency was at Thomas Jefferson and its associated Wills Eye Hospital, and he finished his education with fellowships in cataract and corneal surgery at the University of Connecticut. He has a vast experience in ophthalmic surgery, with a focus on cataract surgery, corneal transplantation, and laser refractive procedures. He serves on the board of Vision Health International, an agency that provides eye care and surgery to indigent patients in Central and South America, in addition to his surgical practice.

Related

Rep. Patrick McHenry: Please, Conservatives, Fill Out Your Census Forms!

The conservative congressman from North Carolina, a constant critic of the census -- one of the people who sounded the alarm about politicization when the

Rep. Paulsen allies with medical device industry to relax FDA oversight

Source: Flickr; Republicanconference (www.flickr.com/photos/republicanconference) On the heels of the Minnesota Independent story last week about U.S. Rep. Erik Paulsen’s cozy financial relationship with the medical device industry, the New York Times reported Tuesday that some health professionals are alarmed by Paulsen’s push to relax Food and Drug Administration (FDA) oversight

Rep. Parker Griffith (R-Ala.)

One of the most conservative Democrats in the House -- a freshman who said he couldn’t support Nancy Pelosi again -- is going to switch over to the GOP. Josh

Rep. Paulsen touts balanced budget constitutional amendment

In a post for the conservative blog True North , U.S. Rep

Rep. Paulsen, Karl Rove the latest to get ‘glittered’

Rep. Erik Paulsen and former Bush staffer Karl Rove were both showered with glitter at the Midwest Leadership Conference Friday

Rep. Paul Ryan to deliver SOTU response

Chairman of the House Budget Committee Rep. Paul Ryan (R-Wis.) will deliver the Republican response to the State of the Union Tuesday, according to Mike Allen

Rep. Perlmutter criticizes House measure that would eliminate 800K federal jobs

Congressman Ed Perlmutter today issued a scathing statement criticizing the House of Representatives for passing a spending bill that could put nearly a million federal employees out of work. The Colorado delegation voted strictly on party lines, with all four Republicans voting in favor of the bill and the three Democrats voting in opposition. Perlmutter’s statement: “My number one priority is to get people back to work because that’s the best thing we can do to pay our debt and move forward toward economic stability

Rep. Perlmutter to hold constituent meet-up in grocery store

Colorado Congressman Ed Perlmutter will hold a Government in the Grocery constituent meet-up this evening from 5-7 at the Safeway at 38th and Wadsworth in Wheat Ridge. The address is 3900 Wadsworth. The meeting, where Perlmutter typically sits at a folding table and talks to whomever shows up, is free and open to the public

Rep. Peace, ACLU seek investigation of soldier’s allegations of racial discrimination in Afghanistan

Both Rep. Steve Pearce (R-NM) and the American Civil Liberties Union agree: There needs to be an investigation into Spc.

© Copyright 2022 The Washington Independent All Rights Reserved

Terms & Privacy | twi.news@washingtonindependent.com

⭐🔥 Click here to check Latest Celeb News & Celebrity Gossip in 2022! 🔥⭐