The Dow Jones Industrial Average finished down about 430 points today to just more than 7,500. This coming on the news that democrats Harry Reid and Nancy Pelosi could not round up enough members of their own party to pass a bailout for the American auto industry.
Reid and Pelosi do not need a single republican vote to pass the bailout measure they want to give to GM, Ford, Chrysler and (more importantly) the United Auto Worker’s Union. Rather than admit their failure, they asked Detroit to give them more time to pressure more democrats to vote yes. By asking the automakers for written plans on how they would use a $25-Billion bailout package, they gave themselves another 2 weeks to pressure members of their own party.
Surely Barack Obama won’t have these problems after he is sworn in…will he? Maybe he will! The stock market does not like uncertainty and this day again showed that even with the democrats running congress and the US Senate, you still have no idea what they will do.