With the US elections due to be held in early November it would appear that public opinion, which is turning against the bailout, has come to bear . This resulted in a small number of Democrats and a majority of Republicans voting against the bill.
At the end of a debate that was watched around the world, and with vote going against the bill, the Speaker held the gavel poised, presumably while the votes of some were trying to be changed, before banging the gavel down which then officially ratified the vote.
The likely result today is that stock markets will suffer sharp falls, and this is likely to continue to an extent for the rest of the week as the US legislature take the Jewish holidays. However one suspects that by the end of next week a redrafted bill will be presented and passed as there is the political will to get a deal done.
