Fearing voters would be displeased by a perceived "bailout" or believing the proposed legislation was flawed, the U.S. House of Representatives voted down a bill intended to stablize the finance system today. The vote was 205 to 228.
After a week of watching seemingly smart and certainly powerful people insisting something had to be done immediately, we're about to find out what happens when their warnings are ignored. Well, we can't say nothing is being done; the Fed is flooding the financial system with $630 billion as I type.
* * * Naked Capitalismis a blog that clips choice stories about finance, etc. It's a more timely resource than the other items I linked to in the earlier post on this subject, and I'm finding their insights useful as the situation (d)evolves.