I’m glad.  They need to come to terms with the fact that tax payers don’t want to foot the bill that is supposed to take care of us, but also other countries?  There are other methods of fixing the problem and they need to go back and propose something that works not just throwing money at it.

WASHINGTON - In a stunning vote that shocked the capital and worldwide markets, the House on Monday defeated a $700 billion emergency rescue for the nation’s financial system, ignoring urgent warnings from President Bush and congressional leaders of both parties that the economy could nosedive without it. The Dow Jones industrials plunged nearly 800 points, the most ever for a single day.

Democratic and Republican leaders alike pledged to try again, though the Democrats said GOP lawmakers needed to provide more votes. Bush huddled with his economic advisers about a next step. The House was to reconvene on Thursday instead of adjourning for the year as planned.

The stock plunge began even before the 228-205 vote to reject the bill was officially announced on the House floor. The decline for the day surpassed the 721-point previous record, on the day after the Sept. 11, 2001, terror attacks, though in percentage terms it was well short of the drops on Black Monday of October 1987 and at the start of the Depression.

In the House chamber, as a digital screen recorded a cascade of “no” votes against the bailout, Democratic Rep. Joe Crowley of New York shouted news of the falling stocks. “Six hundred points!” he yelled, jabbing his thumb downward.

Bush and a host of leading congressional figures had implored the lawmakers to pass the legislation despite howls of protest from their constituents back home. Not enough members were willing to take the political risk just five weeks before an election.

“No” votes came from both the Democratic and Republican sides of the aisle. More than two-thirds of Republicans and 40 percent of Democrats opposed the bill.

Good, I will be watching those guys who had the “Yes” votes.  Those are the ones that can’t be trusted.

Now folks don’t get me wrong, I have a 401k, I have a morgage, sure I’m loosing money in my 401k when stocks take a plundge.  But you know what, 401k is long term and those of you who are a year or less out should already have moved your money to less volitile earning nest and if you haven’t you diserve the loss because you can’t manage your money.  For those of us who have 10, 20, 30 years before retire now is the time to buy more stock, to up your percentage in the 401k because you have my buying power and it will benifit you in years to come.

How does this effect you on the street.  This means that its harder to get a home loan right now, its harder to get a car loan, its harder to get a credit card.  If you’re a busines owner and need a loan, it could be harder but its not impossible, not only that why not look at venture capitolists, they are looking to sink their money into something else and small business is a great thing for them.