From the New York Times:
By the end of the day, the Dow had fallen almost 778 points, or nearly 7 percent, to 10,365. Credit markets also remained distressed, with bank lending rates rising and investors fleeing to the safety of Treasury bills.
Among opponents of the rescue plan, some Republicans cited ideological objections to government intervention, and liberal Democrats said they were of no mind to race to aid Wall Street tycoons. Other critics complained about haste and secrecy in assembling the plan. But lawmakers on both sides pointed to an outpouring of opposition from deeply hostile constituents just five weeks before every seat in the House was up for election as a fundamental reason that the measure was defeated. House members in potentially tough races and those seeking Senate seats fled from the plan in droves.
There you have it, folks. It doesn’t matter whether the bailout plan is a good one or a bad one; what really matters is that you express your opinion to your Congressmen, Congresswomen, and Senators again and again and again. American citizens objected to the looting of the Treasury, especially in a way that allowed Wall Street execs to walk off with hundreds of millions, and Congress voted against allowing it to happen.
Call your Congressional representatives. About Everything.