House Passes Senate Version of $700 Billion Mistake: Wall Street's Folly is Now Washington's Folly Too

The House rushed through passage of the $700 billion bailout bill, and President Bush hurriedly signed it, clearing the way for this new chapter of the fiasco to proceed.

And Wall Street didn't even bat an eye. When the Senate passed the bill, Wall Street rewarded it with a 350 point loss. When the House and the Administration did their thing today, Wall Street yawned, turned over and lost another 157 points.

Why?

Because now they don't think that this was the right thing to do. Thanks a lot, guys.

In the meantime, here is the complete list of Representatives who changed their vote:

Republican Representatives: Alexander, Barrett, Biggert, Boustany, Buchanan, Coble, Conaway, Dent, Fallin, Frelinghuysen, Gerlach, Hoesktra, Knollenberg, Kuhl, Myrick, Ramstad, Ros-Lehtinen, Schmidt, Shadegg, Shuster, Sullivan, Terry, Thornberry, Tiberi, and Wamp. One note: Welling didn't vote for the first time in his tenure.

Democratic Representatives: Abercrombie, Baca, Berkley, Braley, Carson, Cleaver, Cuellar, Cummings, Edwards (MD), Giffords, Green, Hirono, Jackson (IL), Jackson-Lee, Kilpatrick, Lee, Lewis (GA), Mitchell, Ortiz, Pascrell, Pastor, Rush, Schiff, Scott (GA), Solis, Sutton, Thompson(CA), Tierney, Watson, Welch (VT), Woolsey, Wu, and Yarmuth.

One important note: Jim McDermitt (D-WA) was the sole Representative to switch his 'yea' vote to 'nay' the second time around.

I don't think any of the Representatives listed above or any of their colleagues that voted 'yea' for this bill should be returned to Congress for another term by their constituents.

This is a huge and costly mistake. It should have been a $700 billion loan, not a freebie.

Time for some incumbents to be turned out of office. Specifically, 75 senators and 263 Representatives.

And we've only seen the beginning of this bailout. Now everyone will want one too.