Congress voted against the bailout. Stocks plunge. I have personally lost the equivalent of many years salary (if I were still working for a salary) in the last half hour.
Nonetheless, I consider it very good news. It means Congress has finally grown a spine. It means people are actually paying attention and thinking this through. It means that at long last we as a nation are finally showing some signs that maybe, just maybe, we are willing to stand up to the fact that there are consequences to be faced, and that it might be better to face them sooner rather than later.
In the long run that matters much more than the stock market.
[UPDATE] What a difference a week makes. The politicians found their inner spineless pussy, and the world does seem to be going to hell in a handbasket after all.
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