I could not be happier about the bailout failure. While, I can feel for some of the individuals and families involved, this has been going on for years and no one can say they are surprised. They road the gravy train for years and now the gravy has run out. It might not be entirely their fault that the cars did not sell, but they demanded so much of a business that cannot support it. Now they will finally see the reality that many of us face everyday. The company, management, lower workers and unions all live and die together. And if you can't come to a compromise than everyone will lose.
As far as this country, we will be absolutely fine. We have survived civil wars, world wars, un-popular wars, etc. Do not be surprised by the ingenuity and endurance of the American people. In some ways this correction will make us stronger because it will put things back into perspective and level everyone's expectation. This country has been heading towards this for a longtime - there is alot of entitlement in this country that built up during the boom years and now people will see that success and financial security are blessings and it takes hard work. There are an awful lot of people who took some easy roads, my guess is that after this correction - the roads for many will be alot tougher.