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.
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