Bailout bill fails

This is horrifying. The consequences will probably be worse than an Obama victory.

The best-case scenario now is the Democrats come back and pass a new bill without GOP support. That bill won’t be remotely as good as the one the House just rejected. Goodbye insurance plan; hello ACORN slush fund, mortgage cramdowns, bank nationalization.

The worst-case scenario is the economy completely melts down and President Obama institutes a New Deal 2.0. (This is Vin Weber’s nightmare scenario.)

My Congressman, a Republican, voted against the bill. Idiot. I’m going to think about voting for his opponent; there has to be a consequence for stupidity of this magnitude.

UPDATE: Doesn’t it sting when Barney Frank urges you to behave like a grown-up?!

UPDATE (10/3): Thankfully, things worked out better than I feared.  The final bill, with its $110 billion in pork, was worse than the one the House voted down, but not by as much as I expected.

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