A $14 billion emergency bailout for U.S. automakers collapsed in the Senate Thursday night after the United Auto Workers refused to accede to Republican demands for swift wage cuts.

The collapse came after bipartisan talks on the auto rescue broke down over GOP demands that the United Auto Workers union agree to steep wage cuts by 2009 to bring their pay into line with Japanese carmakers.

Tonight, the Senate Republicans– with ten, very ugly exceptions– have taken a stand for free markets and economic liberty in their defeat of the bailout of the automotive industry. Of course, its never too late for Democrats and “compassionate conservatives” to work together to subvert the democratic process:

Majority Leader Harry Reid said he hoped President George W. Bush would tap the $700 billion Wall Street bailout fund for emergency aid to the automakers. General Motors Corp. and Chrysler LLC have said they could be weeks from collapse. Ford Motor Co. says it does not need federal help now, but its survival is far from certain.

Barring any such abuses of executive power, it is difficult to say whether GM will now file for bankruptcy– a move that should have been made months ago– or if they’ll try to remain afloat until January when the new Congress comes into session, at which point they’ll have another go at brandishing their sores and tears, attempting to trade them for stolen assets. Most likely the latter.

For now, though, it is nice to know that while I am going to sleep happy– or at least momentarily satisfied– Congressman Harry Reid is “terribly disappointed that we are not able to arrive at a conclusion.” I hope that bloodsucker tosses and turns all night.

Time to suit up for next month.