"Karnac the Magnificent" I am not. Heck, for weeks I've been predicting Congress would ultimately come up with a bailout for the Big 3. So after the Senate shot down the aid package last night, it's no wonder my wife said to me, "Gee Einstein, guess you were wrong about what would happen on Capitol Hill."
I may not be Einstein, but I can tell you that there is plenty of blame to go around for this bailout not happening.
Between the Democrats in the House messing around with a bill that lacked focus and the Republicans digging in and demanding immediate wage concessions, this was a sloppy process. Throw in the lack of leadership in both parties to steer this process, it produced another example of Congress bungling a crisis.
• The Big 3
Starting with the inability of the companies to articulate the need for a bailout, these companies have mucked up chance after chance for aid. The CEOs flew into DC in corporate jets to ask for billions. Then lacked detailed plans when asked how a bailout will help them survive.
• The UAW
I give the union credit for saying it's ready to make concessions, but these guys should have moved faster on Capitol Hill to win over Congress.
• The White House
The Bush administration has shown it has zero pull on Capitol Hill. The Treasury Secretary could give Detroit the money through TARP, but the President doesn't want to do that. What do you want Mr. President.