The House is right this minute voting on the bailout and apparently the Dow and other stock indexes are going nuts, literally changing as more votes come in. With a surprising number of "no" votes coming early, the Dow fell 700 at one point. Right now (2:04 EDT) it's down 436. As I noted in an earlier post, don't assume that the financial sector's view of this bailout is equivalent to it being "socially desirable."
All of that said, we are really living through history here.
213pm update: it appears as though the bailout may go down. The votes to defeat it are there and they are apparently extending time to try to convince folks to change their minds.
215pm: CNN now reporting it has "failed." Dow down about 500 or 4.5%.
300pm: It's interesting to read the gnashing of teeth on conservative blogs like National Review's "The Corner." They are upset about it going down. Why? Because it will make the GOP look bad and perhaps even destroy whatever's left of McCain's candidacy. All I have to say about that is this:
This just shows how little establishment conservatives really care about markets. It's about winning elections period. You cast your fate with the statists like McCain and the GOP generally, you deserve whatever you get.