Will We Remember December 11?

Just a few days after the governor of Illinois was arrested for, among other things, intending to sell a U.S. Senate seat, we have seen something even worse: Senate Republicans were willing to put millions of Americans out of work and destroy the economic future of their country because they hate the union movement.

That's the long and the short of it. Because of the intransigence of these few men, the bridge loan to two of the Big Three U.S. car manufacturers that was negotiated by Democrats and the Republican administration, and which the House of Representatives passed, failed to gain the 60 votes in the Senate necessary to proceed on Thursday night, ending this session of Congress. Even though the United Autoworkers union partially capitulated to their extortionate demands.

So if you're reading this Friday morning and wondering why the stock market is falling off a cliff, now you know. About the only thing left to rescue the market and the economy is Secretary of Treasury Paulsen using some of the $350 billion bailout money already voted--with no such objection by Republicans, because the money has been going to big banks and financial institutions, where executives rake in tens of millions in bonuses. There is one report that this is being considered. It had better happen quickly on Friday.

The most active Republican Senators in opposition are from states that host foreign carmakers, with weak or nonexistent unions. Their statements indicating that General Motors and perhaps Chrysler should go into bankruptcy are sheer hypocrisy, as well as delusional. There is no possible chapter 11 for General Motors, financial analysts say, because no bank has the funds to protect them. And when GM goes, so go the others, and so goes the nation. Bankruptcy means liquidation, with devastating consequences, not only to this already devastated economy, but to the future possibilities of recovery.

America needs industrial capacity and skilled industrial workers. America needs unions, especially now, when the few rich have a dangerously high percentage of total wealth, and the working middle class has so little that millions are struggling to survive, even when they have jobs.

But these irresponsible, callous and stupid men are willing to turn a Great Recession into a Great Depression, just in time for Christmas. If allowed to stop this rescue, they will have done more damage to this country than terrorists could even dream of. And December 11, 2008 will be a day that lives in infamy.