Retired New York Times reporter David Cay Johnston, writing at The New Republic yesterday, makes a critical point, in a piece entitled "Celebrating the Bailout Bill's Failure":
Whether you favor the $700 billion bailout or not, the House vote today should make you cheer -- loudly.
Because the majority vote against it shows that Washington is not entirely in the service of the political donor class, by which I mean Wall Street and the corporations who rely on it for their financing. These campaign donors, a narrow slice of America, have lobbied and donated their way into a system that stacks the economic rules in their favor. But faced with as many as 200 telephone calls against the bailout for every one in favor, a lot of House members decided to listen to their constituents today instead of their campaign donors.