Now that the Congress (mostly GOP members) voted down the bailout, what happens next? I don't know. But a friend of mine reminded me that tomorrow is the last day of the 3rd quarter. Lots of financial things happen at the end of a quarter.
According to news reports, the House will go out for the Jewish holidays and reconvene on Thursday. That will give time for both the leadership to work on a new plan and for Members to gauge the thinking of their constituencies. It remains to be seen whether they are greeted with a "Holy S--t" reaction to the vote - or an "Atta boy". How much new pain emerges in the next few days may determine that response. And tomorrow's end-of-quarter maneuvering will have a lot to do with that.
Maybe the GOP House Members will propose something along the lines of John Paulson's plan or John Hussman's plan?