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Bailout DOA?

With some luck, this story is accurate, although I fear Court House steps negotiating.

WASHINGTON (Reuters) – The U.S. Senate failed on Thursday night to reach a last-ditch compromise to bail out automakers, effectively killing any chance of congressional action this year.said in remarks on the floor.

Republican-brokered talks faltered, leaving the chamber at a dead end on an approach for extending $14 billion in loans to avert a threatened collapse of one or more automakers, Senate Majority Leader Harry Reid said in remarks on the floor.

“It’s over with,” Reid said.

Futures markets are down, as are Asian markets.  That may seem bad – and it may be in the short run – but in the long run it will be just fine.

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