GM reportedly has hired Bankruptcy advisors and restructuring consultants now that the government loan has failed in the Senate last night. I was really hoping that they would get some assistance, especially in the form of a loan. But this must be for show isn't it? Wouldn't they have done this a long time ago so that they knew what that option would entail? And the result of this is reaching around the globe already as world markets remain skittish. Now the autos are hinging their futures on President Bush using part of the $700 billion in bailout money for them. That should be easy enough as there were no stipulations on that money whatsoever.
And the Fed is paying 0% on short term treasury bonds now? In other words the institutional investment community has absolutely zero confidence that their money is safe anywhere else, and they are willing to basically pay someone to hold their money just so it remains safe. I gotta buy a bigger mattress.