The House of Representatives failed to pass the bailout bill before them today. The failure was in large part caused by the inability of the Republican leadership to deliver the promised votes from their caucus to pass this bi-partisan effort. John McCain, who had promised to lead his party to pass this legislation, failed to do so.
As expected, the markets have reacted badly, and as I write this, the Dow Jones Industrial Average is down nearly 600 points on the day.
The bill will no doubt be reworked and another attempt will be made to get it passed. The fact is that the voice of the American people was heard in Congress today, and at worst, the next bill will be amended to include more protections for taxpayers. While things may be a little frightening right now, on the whole this is a good day for America.