As Obama signed the stimulus and automakers begged for money, Wall Street had an emotional tirade, and though our 401Ks suffer, I can't help but think Wall Street's tantrum is actually a good sign.
Chrysler is asking for $4 billion but wants to lay off 3,000 workers, so what's the point?
And GM and Chrysler are still working on last minute concessions with the autoworkers' union and are still hashing out their survival plans? What's the deal? They had how much time to come up with a plan? Pathetic.
Update: Between the two companies, they want $22 billion. GM wants to lay off 47,000.
MSNBC: Stocks tumbled Tuesday as investors grew more doubtful that the government can quickly turn around the still-weakening economy.
The major indexes dropped by well over 3 percent, and the Dow Jones industrial average sank to the multi-year lows it reached last November.
A big worry on Wall Street is that General Motors Corp. and Chrysler LLC might not be able to prove by Tuesday’s deadline that they can repay billions of dollars in loans and return to profitability. GM has already received $9.4 billion from the government, and could get another $4 billion if the Treasury Department signs off on its viability plan. Chrysler has borrowed $4 billion, and is seeking another $3 billion.
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Joe Biden spoke at the signing as well:
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