Hooray, the bailout was defeated. But don't expect the likes of Nancy Pelosi and our own Barney Frank to do any soul searching.
This defeat shows that politics certainly makes strange bedfellows. Many Republicans joined with some Democrats in opposing this horrible bill. Of course there were only three Congressman in Massachusetts who voted against this horrible bill - John Tierney, Bill Delahunt and Stephen Lynch. And they are to be commended. The others should be condemned for their cowardice.
Now let's see if the sky falls. More likely, the housing bubble will continue to burst, as it should. If Congress really wants to help the situation they should do what Obama has said we should do (despite his similarly shameful, cowardly support of this horrible bill), and stimulate the economy "from the bottom up" rather than from the top down.
But don't hold your breath. I doubt this is the end of corporate welfare as we know it. This particular kind of welfare is far too important to the large campaign contributors.
My previous posts on this bailout attempt:
A Shameful Suck Up
Just Say No To The Bailout