What Now?

To say that it has been a tough row to hoe for U.S. automakers in Washington, D.C. would be a massive understatement. Now that the Senate has thrown in the towel, what is going to happen? The only remaining hope is that the White House will cry uncle and allow emergency loans from the TARP money. I am of the very strong belief that this is exactly what will happen, although not before a precipitous slide in the stock market.

It's troubling that it has come to this. Whether or not you agree with the principle of loaning automakers the money, the truth of the matter is that our fragile economy cannot take a hit like this. I would hope that after a disastrous Friday, cooler heads will prevail and Paulson will open his wallet on Monday. God help us if that doesn't happen.