"'The president is probably going to come to their rescue, because the Congress has really punted the ball over to the White House,' (retired Vanguard Group founder John) Bogle, 79, said in an interview with Bloomberg (story here). "That will give them temporary stop-gap aid. I do not think General Motors is going to go out of business."
"Stocks tumbled around the world and the dollar slumped after the Senate voted against the $14 billion plan, threatening the survival of GM and Chrysler LLC. Treasuries rallied and yields fell to record lows.
"Standard and Poor's 500 futures expiring in March dropped 3.9 percent to 840.20 at 8:34 a.m. in New York. The MSCI World Index of 23 developed stock market slumped 1.6 percent. GM shares dropped 30 percent to $2.90."