Bailout Bill Passes Senate

The U.S. Senate voted in favor of a revised $700 billion bailout bill Wednesday night, breathing life back into closely watched legislation that supporters say will revive paralyzed credit markets in the United States.

They say constituent support has switched "overwhelming" to passing "something"; but we can't see what about the core giveaway to Wall Street has changed. It seems they've just added a bunch of tax cuts to get a swing vote of Republicans on board. People, if this was bad Monday, it is still bad today. At the very minimum, the public should get an ownership stake for throwing in any coin -- but such a provision seems to be totally off the radar screen.

This is not going to save your retirement portfolio more than it hurts the dollar.

Update: Mish has comments here. He sounds defeatist, but we can still have an impact by BOMBARDING the House with feedback. This bill is not substantially changed from the initial horrible proposal. There are now dozens of dramatically better proposals to choose from (if something MUST be done) that would be far more geared towards helping the real economy, and contain far more protection for taxpayers.