House votes down the bailout

I've been watching the debate on CSPAN, and as of now, HR 3997 looks like it's just failed, unless this is some weird procedural vote I don't understand.  Nays won 228 to 205, with 1 vote still uncounted.  The markets just plunged, with the NASDAQ and the S&P both down more than 6%.

Democrats voted for it pretty narrowly -- 140 to 95.  The Republicans shot it down 65 to 133.  I find it hard to believe that they're voting their conscience; they're voting their electoral interest in November.  I hope their constituencies enjoy the bank panic.

Actually, what I hope is that I'm wrong, we don't need a bailout, and after a period of liquidation, everything will settle down.  If so, I will happily confess my error.  But I'm very much afraid that I am not wrong, and things are about to get pretty grim.

This article available online at:

http://www.theatlantic.com/business/archive/2008/09/house-votes-down-the-bailout/4189/