Reuters is reporting that GM will not get any money from the Feds to backstop/subsidize its takeover of or merger with Chrysler.
This one surprises me, if only from a political perspective.
We have a credit crisis and the Governement is propping up the banks and insurance companies. Not surprising. That auto makers who are in terrible shape get in line for some Fed dollars - also not surprising.
What is surprising is that the Feds are giving the Heisman to an industry that is so Main Street that it is like apple pie at a time when most on Main Street don't really understand why or how the financials need to be saved.
Billy, "Damn, banks are getting billions and Bush can't come up with a few bucks to save our jobs?"
Bobby, "Yeah, it's the crooks in Washington looking out for their asshole buddies on Wall Street again."
Billy, "The little guy has no shot in this country."