Bail-out Bill Fails

With a vote of 205 Ayes, 228 Nays, the massive $700,000,000,000 (700 billion) bail-out bill failed in the U.S. House. Interestingly enough, the vote was about 60%-40% Democrats, and 40%-60% Republicans (ayes-nays).

On Wall Street, the DJIA dropped 777 points; a one-day record plunge.

Where did that $700B figure come from for the bailout? Must-read article on the LA Times "Top of the Ticket" blog:

"It's not based on any particular data point," a Treasury spokeswoman told Forbes.com Tuesday. "We just wanted to choose a really large number."

Amazing. Simply amazing. Secretary Paulson just pulled the $700B figure out of his hat?

[Update]

Interesting side note: several juveniles stole over 40 political yard signs Sunday night in Fort Gibson. They blamed it on the bail-out.

From the Muskogee Phoenix:

One man said the group absconded with the signs in protest of the federal government’s plans to bail out Wall Street banks. He said it was an act of civil disobedience designed to point out what the group of “five patriotic American men” sees as the decay of the democratic process.

“There is no reason to vote anymore because the democratic process is failing,” James J. Cooper said Monday. “These large corporations on Wall Street commit crimes and then expect us to bail them out.”

Cooper, 21, said he and his comrades hoped their acts would spark a public debate about corporate greed run amok. He referred to the group’s actions as patriotic.

Oh really? Sounds like a likely story, doesn't it?