Bailout Bill Fails

U.S. stocks plunged and the Standard & Poor's 500 Index tumbled after the House of Representatives voted down the emergency bailout bill in a 228 to 205 vote.

Note: According to the House Majority Leader, H.R.3997 will be used as the vehicle for the Emergency Economic Stabilization Act of 2008. See documents on the House Financial Services Committee website and H.Res.1517 on the House Rules Committee website.

The Congressional Budget Office issued an analysis of the Emergency Economic Stabilization Act of 2008. The text is posted here.

I think that David Sirota said it best:

Corruption and Sleaze Are Swirling Around These Bailouts -- and America Knows It

The amount of brazen corruption and conflicts of interest swirling around this deal is odious, even by Washington's standards -- and polls suggest the public inherently understands that. [...]

Add to this the fact that the negotiations over this bill have been largely conducted in secret, and you have one of the most sleazy heists in American history.