The $14 billion House auto industry aid bill failed in the US Senate tonight. On a somewhat but not quite related note, GM hired bankruptcy advisors as the Carpocalypse draws ever closer.
The bailout loan's no longer just a $15 billion bridge loan for the not-so-Big Three to make it until the Obama administration, it's actually "bankruptcy lite." It's also a really good idea.
Sen. John Ensign (R-Nevada) told CNBC this morning he's not happy with the auto bailout bill. The Senator from Vegas is so unhappy he's willing to gamble on a real bankruptcy occurring while he tries to figure out how to make a pre-packaged bankruptcy occur. But don't think Ensign's making his decision on high-minded…