Troubled Assets Relief Program Vote Fails

The lower House of Congress has just voted against the bailout package, and that news has sent the market spiraling downwards. CNN interviewed a trader who said that the bailout plan should be approved in its current form, so that the market can be calmed. He sees the DOW erasing more than 1000 points if not approved. While this revised version is an improvement over the earlier version in terms of cost to tax payers, accountability and implementation it is by no means a perfect rescue plan. The current plan does not get at the heart of the cause of the current crisis, it is a cure for a different problem.

Brad DeLong writes: Bring Congress Back into Session After the Election...
...and go for the Swedish plan: nationalize the insolvent large financial institutions: dare Bush to veto that after the election.
Vote Count:
Democrats: 141 Yea, 94 Nay Republican: 66 Yea, 132 Nay.
This Republican Party needs to be burned, razed to the ground, and the furrows sown with salt...