It seems many who would lock their neighbor out of the bomb shelter they presciently constructed are confusing what is fair with what the majority of the Senate, elected by the people, deemed necessary regarding the proposed taxpayer loans to and oversight of the Big 3.
No excuses need be made for recalcitrant labor or out-of-touch management, but prudent people fear the consequences of doing nothing without at least keeping the patient going in the hope that a meeting in the middle can mitigate what would otherwise be a scary outcome.
The Senate did not reject the bailout legislation. It never considered it really. In fact, it merely failed to garner the 60 votes out of 100, which, according to its rules, are needed to end debate and send the bill for a vote. A majority, 52, voted for this cloture. Thus, it could be argued that the administration in invoking TARP for help is carrying out the will of the people's elected representatives.
Surely, the posturing senators who voted against cloture knew this would be the outcome. So they enjoyed the chance to act like chapters from Profiles in Courage with no responsibility for a meltdown.
The market response seems appropriate.
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