Late Night News - No Bailout

Late Night News - No Bailout

Auto bailout talks collapse over union wages
December 11, 2008 - 10:30pm

Auto bailout stalled; negotiations into the night
November video game sales near $3 billion
Some autoworkers can get paid without leaving home
Inaction on Big 3 would cost taxpayers billions
Finger-pointing begins as Senate nixes auto vote

WASHINGTON (AP) - A $14 billion emergency bailout for U.S. automakers has collapsed in the Senate after the United Auto Workers refused to accede to Republican demands for swift wage cuts. Senate Majority Leader Harry Reid said he was "terribly disappointed" about the demise of an emerging bipartisan deal to rescue Detroit's Big Three.

Reid also said he was sorry, and was not looking forward to the stock market tomorrow.

Dow futures were down -120 at 6pm at 10:30pm after the Senate announced they do not have a deal they jumped to -245

Update as of 11:00pm Dow futures are now down -329 - dow back to 8240

Update 11:10pm ET

Motion for cloture fails - only received 52 votes

Senator Reid - no more work until the new Congress - I hope the President considers using the TARP money to help the auto companies