*Auto bailout dying

Senate Republicans are just not going for the $14 billion government rescue. "A lot of struggling Americans are wondering where their bailout is," Senate Republican leader Mitch McConnell said this morning (he has a point). As word of the impasse began surfacing this morning, stocks took a hit. Right before the close, the Dow was down more than 200 points. If the legislation does indeed die, the next question is whether the White House will consider some sort of emergency measure to prevent a bankruptcy filing. Or can the automakers, especially GM and Chrysler, wait until the new Congress arrives next month? Theyre all just guessing at the consequences of doing something - anything - versus doing nothing, and I must say that doesnt provide much comfort. (NYT)

*WSJ reports that GM has hired lawyers and bankers to consider whether to file for bankruptcy protection. Looks like it's only a matter of time. "One mounting fear is that even with a bailout, GM may be forced to file for protection from creditors," the Journal reports.



More by Mark Lacter:
American-US Air settlement with DOJ includes small tweak at LAX
Socal housing market going nowhere fast
Amazon keeps pushing for faster L.A. delivery
Another rugged quarter for Tribune Co. papers
How does Stanford compete with the big boys?
Those awful infographics that promise to explain and only distort
Best to low-ball today's employment report
Further fallout from airport shootings
Crazy opening for Twitter*
Should Twitter be valued at $18 billion?
Recent stories:
Letter from Down Under: Welcome to the Homogenocene
One last Florida photo
Signs of Saturday: No refund
'I Am Woman,' hear them roar
Bobcat crossing
Previous story: Relief by mid-year?

Next story: KB Toys to liquidate

New at LA Observed
On the Media Page
Go to Media

On the Politics Page
Go to Politics
Arts and culture

Sign up for daily email from LA Observed

Enter your email address:

Delivered by FeedBurner


Advertisement
Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
 
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
LA Observed on Twitter and Facebook