Auto Bailout Verdict: FAIL

After passing last night in the House, the auto bailout was voted down tonight by the Senate.

The UAW decided to play chicken, lost, and is now beaks, gizzards and feathers flying all over the place. It basically went like this:

- Congress asked the United Auto Workers to pull their heads out of their asses, and accept wages that were similar to those of Honda, Toyota, Nissan and BMW workers.
- The United Auto Workers said "Gosh, no way in heck, we're what makes this country great. We're the backbone of this country. We deserve more. We sling the best rachets."
- Congress said, "Fuck off, then. How's no job taste."
- The United Auto Workers said, "Whoops. Oh no. Our plan backfired."

Slow, slow golf clap for UAW President Ron Gettelfinger.

GM will file for Chapter 11 bankruptcy protection before the end of the month. This is the beginning of another huge leg down.

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Bernard Madoff, former Nasdaq Stock Market chairman and founder of Madoff Investment Securities was arrested and charged with securities fraud. Apparently Madoff told senior employees that he was "finished," that "it's all just one big lie....basically, a giant Ponzi scheme."

Initital estimates put the losses at $50 billion. Somewhere, Charles Ponzi is taking a dirt nap and smiling. If the allegations are true and his investors have in fact been wiped out, may Bernie Madoff take his dirt nap shortly.

This should do wonders for investor confidence.