Monday, September 29, 2008

Uncharted territory

The House has voted down the bailout bill, 228-205. A screen shot--on TPM, probably from C-span--is reproduced below:

So it looks like the Republican leadership could not--or perhaps WOULD not--deliver the votes; Democrats--unwilling to be exposed to charges that they "lost China"--had reportedly told Republican leaders that they would not bring a bailout proposal to a vote without support from 100 members of the minority party. So, did Republicans pull a fast one, or was the leadership simply unable to bring their people around?

It's worth noting that 40% of the Democrats voted against the proposal, too.

So, where do we go from here? As I write, the Dow Jones is off more than 500 points.

My suspicion is that the Dow's deep dive will push things, that there will be some more changes made to the plan to get some votes on both sides, and that a modified version of the plan will pass by the end of the week. I just hope I'm not whistling past the graveyard.

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