I guess that $700 billion band-aid that government was trying to put on the economy just wouldn’t stick. The plan was intended to help the failing economy and restore confidence in the U.S. financial system. If it passed, the bill would give U.S. Secretary of Treasury Henry Paulson an immediate $250 billion to buy out bad loans from financial companies, while the rest of the $700 billion would be given out in stages.
 

After much bickering on both sides about the details of the plan, the bailout bill finally went up for vote today. Despite all the negotiations, though, the rescue package was defeated 228 to 205. Some people in Congress blame Speaker of the House Nancy Pelosi's speech before the vote for the failure because it cast the bill as part of a partisan battle by blaming much of the crisis on Bush and his economic policies.
 

The New York Times reports on the pros and cons:

Supporters of the bill had argued that it was necessary to avoid a collapse of the economic system, a calamity that would drag down not just Wall Street investment houses but possibly the savings and portfolios of millions of Americans. Opponents said the bill was cobbled together in too much haste and might amount to throwing good money from taxpayers after bad investments from Wall Street gamblers.

The House will take another crack at it and if somehow it passes on the second try the Senate will get their chance to vote. But, thanks to procedural obstacles and a little thing like the Jewish holidays, the vote won’t happen until later in the week.
 

In the meantime, the Dow Jones plummeted as the bill failed. The fear of economic uncertainty sent the stock market down 778 points, the biggest single-day point loss ever. However, in percentage terms, the 7 percent decline was not as bad as the Great Depression or even in the top 10 worst falls. Still, anyone can see things are not going well for the American economy.
 

Don’t let the dollar get you down, though.
 

Smart businesses are cashing in on this time of low-cash by offering specials. For example, Table 8 restaurants in Los Angeles, South Beach and an upcoming New York City location allows you to “live like you did when gas was just $4 a gallon.” Just pick up their Recession Concession menu or visit any number of other bars and restaurants offering similar recession specials.

Two hotdogs and a drink for $3.50 at Gray's Papaya? The only silver lining in these dire times.