Auto Bailout Failure Ripples Through Global Markets

It looks like the U.S. auto bailout that wasn't is already having a very real effect on global markets.

Asian markets tanked when the bailout did; Europe followed. Major indexes around the globe were down anywhere from 3 to nearly 6 percent, a trend that's expected to continue on U.S. markets this morning.

Dow futures were pointing down 260 points, while S&P 500 futures were down about 35 points. New data on retail spending also could have an impact when it's released later this morning. It's not expected to be pretty.

Check back here throughout the day for updates on the fallout from the failure of the auto bill.

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