The Bailout Bill 2.0 (don't be so confident yet)

It is getting very interesting.

The good folks over at the Money Cafe Blog is betting that there will be a deal the next time round.

That is a speculation I can accept as reasonable.

Of course, whats different between the bill that was defeated in Tuesday and the one coming next (as for when? who knows? But if you say Thursday... hor hor hor)

By the way, the 485 pts rise in the Dow...

I think the effect of the "considering by" accounting standards board in "suspending" mark to market accounting played a huge part (but the effect of suspending it could be bad).

As for 'progress' in the bailout bill... After all, all those legislative politicians speaking in DC yesterday about "confidence in passing a new bill"... Were from the Senate.

From the House of Representative? Silence.

And you know why the silence? Read and weep(from wired).

House Website Crumbles Under Weight of $700 Billion Bailout

Not only is the economy crashing, but so is part of the House of Representative's website.

The site's button -- "Write Your Representative" -- was bombarded by millions of constituents wanting to speak their mind about the stalled $700 billion Wall Street bailout.

A government official, Jeff Ventura, who runs the House.gov site, said millions of clicks on the feature might bring down the entire site.

Here's what the "Write Your Representative" button said when we clicked it:

Also, the web traffic to the House Web site during the period right before the bailout vote was second only to the 911 report.

These people are complaining to their House Representatives, and trust me, they will do it again. The House Representatives can't even be bribed to pass this bill with golden parachutes into Investment banks anymore. The irony is rich.

God Bless a bicameral system.