Today's big news is that the automaker bailout failed to pass through the Senate last night. The Asian markets did not like that, they dropped 5% for the day. Europe is down around 4% as I write this and the futures for the US are pointing down better than 3% premarket. Whatever your feelings about the recent activities of our Federal Government, today or more correctly the vote last night will be a point in history that will be studied for years to come. Along with the changes in mortgage rules around the first of March 2007, because we probably have just had a life changing event occur. If an automaker like GM fails what will the ripple affects be? A place like Atlanta where the US manufactureers have already pulled out we won't feel the plant closures directly. But Atlanta has a great deal of auto related business and it will be affected.

More importantly, what will fill the jobs void that would be left is a GM or Chrysler ceased operations? I think some enterprises souls would pick up some of the pieces out of bankruptcy and put some of the skilled folks to work but not all of them.

It will be fun to see what this day brings