Bailout burns, markets crash

by Kevin Van Dyke, Editor
September 29, 2008

The bailout went down today thanks to a unique alliance between the far right and the far left.

Here’s a look at the vote by party:

Democrats: 140 For, 95 Against
Republicans: 65 For, 133 Against
Total: 205 For, 228 Against

When was the last time we saw a vote like this? It was probably when a bipartisan alliance came together to kill the immigration reform bill.

The markets responded to the defeat of the bailout bill with the largest one-day losses in history.

So, what’s next? Those who are against this clearly want different things. The left wants more regulation, the right wants less regulation, and the center wants to do something. Most agree that something needs to be done. But, most also agree that the current bill was ill contrived and not the appropriate solution.