Stocks opened lower today, although not as low as some might have anticipated, after the Senate opposed the auto bill. “This bill is an incredibly weak bill, it’s the product of an administration that wants to kick the can down the road, and I think it has minimal, very little support in our caucus,” Sen. Bob Corker stated.
However, investors are still holding out hope for a bailout as the White House considers using the Wall Street rescue fund to help troubled auto makers. President George W. Bush’s press secretary says it would be “irresponsible” to further weaken the economy by letting the car companies fail.
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