I wouldnt be holding too many overnight positions - this is an...

I wouldnt be holding too many overnight positions - this is an extract from Rueters - read the comment from Sen Maj Leader - "I dread looking at Wall Street Tomorrow," he said. "It's not going to be a pleasant sight."


The major sticking point, according to the Republican senate leaders, was the unwillingness of the United Auto Workers union to accept reductions in employee compensation as part of a deal.

Senate Majority Leader Harry Reid (D-Nev.) had told fellow lawmakers that the deal, which is believed to carry more stringent requirements than the $14 billion bailout plan approved last night by the House of Representatives, could have "overwhelmingly passed" if closed-door negotiations were successful.

The vote was carried out in the senate and failed to accrue the 60 votes needed to pass, going down by a 52-35 margin.

Reid said there will be no more bail out talks - at least in its current incarnation - calling it "over with" and finished for the year.

"I dread looking at Wall Street Tomorrow," he said. "It's not going to be a pleasant sight."