Wait... what?

It's amazing what happens after one night's sleep.

I live in Australia. I went to bed last night at 1.30am watching the market tank and commenting on Calculated Risk comments threads. 1.30am Australian time equals 11.30am New York Time.

So I wake up this morning, turn on the news and discover that congress "failed the bail".

None of this really affects the medium-long term. But in the short term it led to some wild share price rides.

We can only hope that the Swedish model (nationalization) gets presented as a real alternative.

PS - I have a job interview in just over 2 hours.

I've been reading around the blogs. Econ-bloggers are pretty much unified in their shock at what has happened, with the notable exception of Mish who has been leading the charge against The Big BailoutTM. As far as lefty bloggers are concerned the attitude is more mixed. Kos is happy that congress did the right thing but others I have read seem more interested in blaming McCain for everything. All this indicates that, politically, the issue is not Republican vs Democrat or Conservative vs Progressive, but seems more based upon what is seen to be a good idea vs a very bad idea.

Update 2:
The bill was derailed by Republicans. Yet even Michael Moore was against the bailout. Shows just how divisive the bill was that House Republicans and Michael Moore can agree on something.

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