The House of Representatives, for once heeding the overwhelming voice of the public, voted down the massive $700 billion bailout of Wall Street banking interests.
By a vote of 228-205, the Emergency Economic Stabilization Act of 2008 bill was defeated across party lines, with rank-and-file Democrats and Republicans defeating the measure.
As expected, Wall Street reacted with shock and horror. The Dow Jones Industrials, already down 300 points, briefly dropped as much as 700 points before recovering somewhat. At this writing, the Dow is down 450 points. The NASDAQ is down roughly 125 points as Wall Street heads towards the close of the session.
It was obvious this morning that the authors of the bill - the administration and Treasury Secretary Henry Paulson, along with Democratic party leaders - did not have enough votes to pass the measure. The vote on the bill was delayed into the early afternoon, but once brought to a vote, the measure was soundly defeated.
It is unclear whether reconsideration will occur.
For the time being, the measure is dead. Now all the American people have to do is convince congress to recess, leave Washington and go back to their districts until the election is over. All members of the House of Representatives face reelection this year.