The House refuses to pass the Plan

The New York Times link.

The Washington Post link. According to the Post article:

The 228-205 vote amounted to a stinging rebuke to the Bush administration and Treasury Secretary Henry M. Paulson Jr., and was sure to sow massive anxiety in world markets.

The Wall Street Journal link. The Journal tells us that

The defeat is a massive setback for the Bush administration, specifically the Treasury Department, as well as lawmakers who have been working throughout the last week on the legislation in the wake of the collapse of Lehman Brothers Holdings as well as the government's bailout of American International Group Inc. and its takeover of Fannie Mae and Freddie Mac.

The White House expressed displeasure with the defeat of financial-market bailout legislation in the U.S. House of Representatives, and said President George W. Bush will meet with his economic team later Monday to determine the way forward.

The Financial Times link.

Update I (9.29.2008)

Bloomberg link.

Mike Whitney link.

Talking Points Memo roll call of the House bailout bill link.

Update II (9.29.2008)

Paul Krugman's take (via Naked Capitalism): "OK, we are a banana republic."

Robert Lovato addresses the 'march to dictatorship' thesis here (via AlterNet).

William Greider asserts that today's vote "…adds another deep shock to the system, both in politics and economics, but what an invigorating moment for democracy."

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