Despite arm twisting by president George Bush and others, Bush's $700 billion bailout plan went down in flames today.

Senate majority whip (Republican) Eric Cantor blamed House Speaker Nancy Pelosi's speech for the rejection of the bill. "This is not a partisan crisis, this is an economic crisis," he said in a press conference following the vote.

Cantor noted that 92 Democrats voted against the bill following Pelosi's speech blaming the Bush administration for the current economic crisis and for not protecting the middle class who lost their homes, savings, pensions and their retirement.

Cantor called Pelosi's words "inappropriate". Bush is determined to get the bill passed to rescue his friends and their companies before he leaves office.

Bush claims if the bill doesn't pass, the economy will collapse. But he's not talking about "our" economy, he's referring to "their" economy.

This time "they" will be affected instead of "us" and it feels good.

In truth, the working class won't feel the pinch as much as Bush and his millionaire friends who caused millions of people to lose their homes, pensions, mom and pop stores and savings.

Upon news of the bill rejection, the Dow dropped over 700 points but rebounded 200 points.

Thanks to loyal reader Angela Watts for the tip!

Still no word on whether Sen. John McCain will show up in Mississippi tomorrow night to debate Sen. Barack Obama.

But Obama aides say Obama plans to turn the debate into a town hall meeting if McCain doesn't show up.

Congressional Republicans and Democrats reported agreement in principle Thursday on a $700 billion bailout of the financial industry, and said they would present it to the Bush administration in hopes of a vote within days.

Emerging from a two-hour negotiating session, Sen. Chris Dodd, D-Conn., said, "We are very confident that we can act expeditiously."

"I now expect that we will indeed have a plan that can pass the House, pass the Senate (and) be signed by the president," said Sen. Bob Bennett, R-Utah.

The bipartisan consensus on the general direction of the legislation was reported just hours before President Bush was to host presidential contenders Barack Obama and John McCain and congressional leaders at the White House for discussions on how to clear obstacles to the unpopular rescue plan. (Source)