Channel C: Senate Passes $700B Bailout

The $700 million dollar bailout plan that was widely expected to go through was rejected yesterday 205 to 228, with 140 Democrats and 65 Republicans voting in favor and 95 Democrats joining 133 Republicans against.

This set of a variety of events: The dow dropped a whopping 778 points, the largest single-day point loss in history, worth $1.2 trilliondollars in market retail (although it has bounced back some as of this morning), the McCain camp blaming Obama, the Obama camp calling McCain angry, and Republicans and Democrats pointing fingers and so on.

The Jorge Zone is irrate about the decision, going so far as to say that congress has turned on the American people:

• God Damn It. I cannot believe that this did not pass. I CANNOT fathom that these people, these “adults” are in charge of our government. You guys shoot this plan down and then start bickering and pointing fingers. I cannot stress enough how badly we need this bill to pass. This is not even close to the perfect solution but this is a step in the right direction. Our economy is slowly falling, banks, financial institutions that have been around for close to 100 years are crashing all around our feet and all you can do is sit around and bicker.

The folks at All Facts And Opinions couldn't disagree more, saying that the rejection was a victory for the people:

• This means it is time to get a proper bill introduced, one that will protect but not reward Wall Street and one that will give sorely needed help and protections for Main Street — for you and me. There must be fiscal oversight. There must be a way for taxpayers to get their money back.