Just when it looked like the Republicans had caved, Nancy Pelosi saved the day by insulting them on national television. Twelve Republicans that had stated they would vote for the bail out, changed their minds and voted against it. Maybe it was the wrong reason, but it was the right decision.
Administration officials are petrified that the the current financial system may collapse. I hope they're right. We need a new one.
Congress may yet cobble together a more politically acceptable raid on the treasury, but the political atmosphere points to gridlock, at least for a little while. This mess needs to be brought out into the light of day. The people need to know what Washington has been up to for the past couple of decades. If it takes a few years of hardship to clean house in DC, so be it.