Bailout? More like failout.

Looks like the the Senate finally grew a pair and stood up to the unions. Leading the charge is Bob Corker (R-TN), who seems to be one of a few in Washington that knows the real problem facing the Big 3 and actually has a spine. Everything out of Bob's mouth has made absolute sense, perhaps too much sense for thick-headed House democrats, but I digress.

Now that the current bill is dead in the water, here comes the fear mongering. Harry Reid has stated that he "dreads Wall Street's reaction today." I'm sorry Mr. Reid, but you and your confidants just spent weeks speaking against Wall Street and the bank bailout, yet now you are afraid of the effect on Wall Street? That's strange indeed.

I don't doubt that the Dow will plunge several hundred points today, throwing gas on the fire. We've all seen this picture before; in response, the Dems will run around with their heads cut off, demanding that the Republicans pass a new version of the bill or else the country will descend into a black hole. Does this sound familiar? I believe it does. Lets just hope that somebody, ANYBODY, in Congress is smart enough to stop it this time around.

I'm not holding my breath.

UPDATE: The Dow is open and down less than 100 points. So much for Harry Reid's scare tactics.